Thailand's oil reserves to increase to 90 days

BANGKOK, June 9 (TNA) - In an attempt to ensure sufficient oil supply in Thailand, along with widening energy cooperation with other member countries of the Association of Southeast Asian Nations (ASEAN), the Ministry of Energy has been assigned to study ways to increase national oil reserves to 90 days from 36 days now. Speaking to journalists in Bangkok after Friday's meeting of the National Energy Policy Committee (NEPC), Thai Energy Minister Arak Chonlatanon said that the NEPC had asked his ministry to explore ways in raising the national oil reserves, which would require an investment on building oil storage houses and oil procurement worth 200 billion baht. Arak acknowledged that his ministry is finding financial sources to fund the maga-investment project, and that, initially, it may be a joint public and private investment; so, the government may not have to take out reserves from the Bank of Thailand or BOT for the investment. However, Arak indicated, a new law is to be promulgated on the setting up of Thailand's oil reserves agency over the 4-5 years. In order to ensure the country's oil sufficiency in the short-term, the energy minister revealed his ministry may order private oil importers to increase their reserves to six per cent from five per cent of their total imports now, or to 43 days from 36 days presently. In another development, the NEPC gave an approval for PTT Public Company Limited, Thailand's largest petroleum firm, to expand its liquefied petroleum gas (LPG) reserves in Chon Buri province in the Thai East to 250,000 tonnes, from 120,000 tonnes now for the first phase. In the second phase, PTT is allowed to construct a new depot for storing 250,000 tonnes of LPG. Also, the NEPC gave the green light on Thailand's increasing electricity production from 2010–2030 to a total of 70,686 megawatts by the end of 2030. (TNA)