Thailand explores purchase of Russian oil to meet domestic supply

Bangkok — Thailand’s Deputy Prime Minister Phipat Ratchakitprakarn announced that Foreign Minister Sihasak Phuangketkeow will initiate consultations regarding oil supplies with Russia, with the minister currently travelling to Europe.

“There is good news today. Foreign Minister Sihasak Phuangketkeow travelled to Europe yesterday for an international conference, and will begin consultations regarding oil supplies there,” Ratchakitprakarn said during a briefing at the Government House.

“If we receive oil from Russia, we will no longer have problems,” the deputy prime minister stated.

Phuangketkeow is in Vienna to attend a summit on combating fraud organised by the United Nations Office on Drugs and Crime (UNODC) and Interpol, which will also be attended by a Russian delegation. He intends to use this opportunity to discuss Russian oil supply arrangements.

Meanwhile, on Tuesday, the Cabinet will discuss purchasing oil from Russia with the energy minister, according to the deputy prime minister, noting that this would resolve supply issues.

Due to the conflict in the Middle East, Thailand’s oil supply from the Persian Gulf, which normally accounts for approximately 50 per cent of the country’s oil imports, faces significant risk.

Following a partial relaxation of US restrictions on Russian oil, Thailand announced last week its readiness to begin negotiations with Russia regarding the purchase of crude oil.

Amid Middle Eastern escalation, the United States has permitted the sale of Russian crude oil and petroleum products loaded onto vessels beginning 12 March.

According to Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) and special envoy of the Russian president for economic cooperation with foreign nations, the lifting of US restrictions will affect 100 million barrels of Russian oil currently in transit.