Mitsui Thai plan
Mitsui Oil Exploration plans to begin producing crude oil in northern Thailand as soon as next year, marking the first time it will be in charge of both developing and operating such a project, The Nikkei newspaper reported.
Previously, the Mitsui and Co subsidiary secured concessions by providing capital to developments by foreign companies. It believes gaining operational know-how will help it to participate in larger projects.Mitsui Oil Exploration has 70 per cent of concessions for the site, with the rest owned by South Korea's GS Caltex. Production is forecast at several thousand barrels per day, and oil pumped there will be sold mostly in Thailand. By fiscal 2009, Mitsui Oil Exploration will have paid more than 280 billion yen (Bt78.58 billion) to acquire concessions and develop mines.
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