World Finance

February 28, 2012 10:12 ET

Thaioil to Diversify in Resilient Market Conditions

LONDON, ENGLAND--(Marketwire - Feb. 28, 2012) - Thaioil CEO Surong Bulakul is on a mission to combine sustainable growth and value for shareholders. Strong organic growth, business integrity and community relations.

Thai Oil Public Company Limited, Thailand's biggest oil refinery is investing up to $1bn - in aromatics expansion, power expansion, refinery and petrochemical efficiency and reliability improvements. The company's current refining capacity is around 275,000 barrels per day.

Speaking recently to World Finance, Bulakul points out that Thaioil is placed right where the demand is strong, and growing - in South East Asia. Thailand is an integral member of the Association of Southeast Asian Nations (ASEAN), the geo-political and economic hub of ten countries located in Southeast Asia. Demand for high-grade, innovative oil products is booming. So, more expansion, more 'green' environmentally friendly products, and more diversification are in the offing, says Thaioil's CEO.

"Our approach will be achieved through the company's Green, Broad and Deep principles, all geared towards generating high quality business development and the deployment of resources, but in a sustainable, systematic way that is also strongly diversified," says Bulakul.

The strong push towards renewables is a core part of company strategy. Thaioil has endured several crises in the last 15 years, alerting the company to a need for more robust products.

The Thai government has taken robust steps to direct the country along alternative routes, like ethanol. Production and consumption of biofuels in Thailand have generally been given an aggressive push by the government in its efforts to cut oil imports and increasing reliance on domestic renewable energy. Bulakul goes on: "We do want to be the ethanol hub of Asia. Strategically it's very important for us."

"We have an aspiration to be right down the energy conversion chain, not just restricting ourselves to oil. So the input may be crude oil, but the output could be petrochemicals, lube, power generation, transportation, whatever. It's very important for Thaioil to go well beyond traditional commodities routes." says Bulakul.

To read the full interview with Thaioil's Surong Bulakul, pick up a copy of World Finance's March-April issue, available at all good newsagents now, or visit www.worldfinance.com.

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