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Published on April 10, 2008

An agreement signed on Tuesday by Unithai Energy and PVM Oil Associates, one of the world's largest diversified brokers of oil instruments, is aimed at developing the shipping service into a fully integrated service provider in the region.

Unithai Energy will manage the new business out of its representative office in Singapore.

Unithai Energy managing director Kim Kyung-soo yesterday said the tie-up would drive the company's revenue up 20 per cent this year, from US$10 million (Bt318 million) now. It will also help the company land more accounts.

Skyrocketing oil prices are pressuring petrochemical exploration and production firms to expand, which benefits Unithai Energy's growth, he said. About 40 per cent of its revenue comes from domestic oil firms like PTT, IRPC and Thai Oil and the rest from other Southeast Asian countries.

Watcharapong Thongrung

The Nation