Unocal boosts Thai operation

Sat, 25 Mar 2000 | Source: DJ

BANGKOK (Dow Jones): Unocal Corp. plans to continue investing US$150 million to $200 million a year in its Thailand operations for at least the next several years, thanks to renewed enthusiasm about the nation's economic growth potential, subsidiary Unocal Thailand Ltd. President Randy Howard said Friday.

Howard told Dow Jones Newswires that Unocal's "mood" toward natural gas exploration and production in Thailand changed about midyear last year, when Thai gross domestic product growth projections took a marked turn for the better.

"GDP growth directly impacts natural gas and power demand," Howard said. "We've seen a very steady eight-to-nine month power growth trend. And this has been industrial sector growth, not just people running their air conditioners longer. It's real growth. So that's at least part of the basis for our confidence (in Thailand)."

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