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