Thailand, RP, China to sign pacts

Thailand, RP, China to sign pacts

BANGKOK: Thailand's ambitions of becoming an energy-trading
hub in Southeast Asia will get a boost when it signs energy
cooperation agreements with the Philippines and China over the
weekend, an official said on Friday.

The agreements were set to be signed Saturday on the sidelines
of the Asia-Pacific Economic Cooperation meeting in Bangkok, Vice
Energy Minister Viset Choopiban told Dow Jones Newswires.

Viset said the agreements would also boost regional energy
security by expanding strategic oil reserves.

He said Thailand and the Philippines will agree to collaborate
on oil trading and storage, and on oil and gas exploration and
production.

The two countries plan to use Thai state oil and gas
conglomerate PTT's petroleum terminal at Sriracha on Thailand's
eastern seaboard and Subic Bay in the Philippines for petroleum
trading and storage.

Meanwhile, PTT will sign an agreement with China National
Chemical Import & Export Corp., or Sinochem, on promoting
business opportunities in petroleum trading and energy
infrastructure, Viset said. -- Dow Jones