Monday, March 10, 2008

Giant oil firm moves to boost investment in Thailand

BANGKOK, March 10 (TNA) – Gastech 2008, the world's largest international exhibition and trade fair event for the LNG, LPG and natural gas industries, was kicked off here on Monday with giant oil conglomerate Chevron announcing an increase in investment in Thailand by US$3 billion.

The event, which has drawn representatives of more than 300 leading companies from around the world, was attended by Her Royal Highness Princess Maha Chakri Sirinthorn at the Bitech exhibition centre in the eastern Bangkok suburb of Bangna.

Delivering a welcoming speech, the president of state-owned oil and gas conglomerate PTT Prasert Bunsumpun said as a host of the show the event was a good opportunity for Thailand to show its potential in natural gas production in the international arena.

He said the PTT group was ready to welcome co-investors in the liquefied petroleum gas (LPG) and liquefied natural gas (LNG) businesses and other public utilities industries as part of its efforts to promote Thailand as the region's leading natural gas producer.

Jim Blackwell, president of Chevron Asia Pacific Exploration and Production Co., said the United States' second largest oil and gas producer had decided to go ahead with a gas production project, which required total investment of $3 billion, in Thailand.

He said the Platong Gas II development, slated for startup in 2011, would increase the company's gas production capacity in the Gulf of Thailand by 420 million cubic feet (11.9 million cubic meters) per day to help feed the growing demand for gas in Thailand. (TNA)-E005

Business News : Last Update : 16:52:53 10 March 2008 (GMT+7:00)

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