Refinery company Thai Oil has set aside an investment budget of Bt8.9 billion through 2019 with a view to expanding its production capacity to 400,000 barrels a day.
Atikom Terbsiri, chief executive officer and president of the listed company, said on Monday that the money would be spent on building added value for its clean fuel project, which would lift production capacity from the current level of 275,000 barrels a day.
Thai Oil also plans to renovate its port to serve the largest cargo ships and manage its logistics port facilities in order to achieve its expansion goal.
The renovated port development will be completed in 2019, he said, adding that the overall investment would include the addition of five oil tanks, enabling the target capacity of 400,000 barrels a day to be achieved.
Meanwhile, the company is pursuing the opportunity of forming a joint venture with Global Green Chemical – a subsidiary of PTT Global Chemical – to produce ethanol products, the CEO said.
Negotiations about such a joint operation are ongoing.