Thailand’s Energy Minister Prommin Lertsuridej and senior officials of its national oil company Petroleum Authority of Thailand (PTT) are arriving today (Feb. 17) to meet with their counterparts from the Department of Energy (DOE).
The 22-member delegation also include Thai Permanent Secretary of Energy Cherdpong Siriwit, PPT president Prasert Bunsumpun, Deputy Permanent Secretary Energy Pornchai Rujiprapa, PTT senior executive vice president Apisit Rujikeatkamjorn, executive vice president Songkiert Tansamrit and EVP Jakchai Barlee.
Prommin’s visit is an offshoot of the discussions during the 11th Asia Pacific Economic Conference (APEC) Economic Leaders’ Summit held in Bangkok, Thailand in October last year wherein Energy Secretary Vincent S. Pérez and Prommin signed a memorandum of understanding (MOU) on cooperation in oil and gas activities.
A major highlight of the two-day visit is the signing of an agreement between the Philippine National Oil Co. (PNOC) and PTT in Malacañang Palace to be witnessed by President Gloria Macapagal-Arroyo.
The agreement would implement the earlier MOU by establishing a technical working group (TWG).
The TWG, to be composed of PNOC and PTT representatives, will study, explore, investigate and evaluate potential areas of cooperation between the two countries, particularly in the utilization of existing oil storage facilities.
Perez and Prommin will also proceed to Subic Bay to visit the country’s premier oil storage facility leased and operated by a joint venture of PTT and El Paso. The Subic Bay oil terminal has a capacity of about 2.5 million barrels of petroleum products.
From Subic, both energy officials will go back to Manila to hold bilateral talks, with discussions to focus on investment opportunities in the upstream and downstream oil and gas sectors. In particular, they are expected to discuss the two countries’ bid to establish regional petroleum hubs that will bolster energy supply security to the ASEAN + 3 economies (China, Japan and Korea).
"We are very pleased to welcome Minister Prommin and his delegation. The Philippines and Thailand have strongly pushed for the creation of a petroleum hub that will be used as strategic locations for stockpiling and distribution points in Southeast Asia. We are hopeful that the strong collaboration between the Philippines and Thailand will encourage other countries in the region to further push and support this initiative," Perez said.