The Philippines, through Perez, signed a memorandum of understanding with Thailand’s Minister of Energy Prommin Lertsuridej over the weekend as part of the oil and gas activities of the 11th Economic Leaders’ Meeting of the Asia Pacific Economic Cooperation (APEC).
Perez said as part of the MOU, the two countries have agreed to establish a Joint Cooperation Committee (JCC) that will prepare and carry out the work program outlining the plan of joint study and cooperation.
According to Perez, the cooperation between the two nations will be centered on the possible partnership to develop the oil and natural gas industries.
He said the MOU will also allow both parties to collaborate on petroleum marketing, storage and distribution as well as in exploration and production activities in the energy sector.
The MOU, he added, will also enable both countries to jointly study, investigate and assess possibilities of cooperation in the utilization of existing oil related facilities in the respective countries.
"This agreement bolsters regional cooperation and further improves the security of the Philippines’ petroleum supply," Perez said.
Perez said Prommin, in a meeting with Thai energy experts after the signing ceremony, reiterated PTT’s plans to expand operations in the Philippines through its wholly-owned subsidiary PTT Philippines Inc.
The expansion plan of PTT, Thailand’s state-owned oil company, was earlier relayed to President Arroyo by Thai Prime Minister Thaksin Shinawatra during the recent ASEAN Summit in Bali, Indonesia.
The energy chief noted that PTT is looking at increasing its storage capacity in the country. PTT, together with Coastal Petroleum Corp. of the US, operates the Subic and Clark oil storage terminals. PTT is also engaged in the retailing business with a plan to set up more than 250 service stations nationwide by 2007.