Thailand to buy crude from Oman with equity holding in Thai refinery sector

May 22, 1999 02:00 AM

Thailand will purchase an extra 20,000 bpd of crude oil from Oman, which in turn will take an equity holding in the Thai refinery sector and use crude terminals there, the Thai Industry Ministry said.
The ministry said that the agreement was reached by Thai Industry Minister Suwat Liptapanlop and visiting Oman Minister of Oil and Gas, Mohammed Bin Hamad Al Rumphy.
The Oman minister said the co-operation between the two countries over the direct purchase of crude oil is to start early next year.
The Thai minister was quoted as saying the direct purchase of crude oil would be conducted on a government-to-government basis.
The 20,000 barrels of crude oil will be purchased directly from Oman instead of being conducted through trading firms to help reduce import costs.

Thailand currently imports 60,000-70,000 barrels of crude oil every day for its six refineries, which have a combined capacity of round 800,000 bpd . Of the total, around 250,000 bpd or 30 % come from Oman.

Source: Xinhua via Newspage
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