Thai oil refining firm TOP to invest in Vietnamese market
VOV.VN - Thai Oil Plc (TOP), Thailand's largest oil refining company, is considering making investments in Vietnam, India, and Indonesia, according to the Bangkok Post.
Its activities in the three countries involve oil refinery, lube oil, and high-value petrochemical products. The firm anticipates bright prospects ahead from business expansion into these markets.
In Vietnam, TOP has already developed facilities such as warehouses in the northern and southern regions. The company has also signed a memorandum of understanding (MoU) in India with a local company as it seeks to jointly operate new business opportunities.
Wirat Uanarumit, president and chief executive of TOP, stated that the high rates of economic growth and large numbers of young people among the populations of the three respective countries mean that these nations offer the best potential for investment throughout the Asian region.
TOP is currently expanding its operations overseas as it strives to meet growing demand for energy and petrochemical products.
The company is in the process of preparing to settle a share purchase in Indonesia’s PT Chandra Asri Petrochemical Tbk (CAP), early next year.
The payment is valued at US$270 million and follows the first tranche payment of US$913 million which was made at the end of last year.