Thailand has 'enough fuel reserves'
PTT monitors Russia-Ukraine crisis
The national oil and gas conglomerate PTT Plc is confident that Thailand has enough fuel to weather the Ukraine-Russia crisis.
Auttapol Rerkpiboon, president and CEO of PTT Group, said the firm has closely monitored the crisis and concluded it has reserved enough crude and fuel for Thailand.
The reserves should be enough to cope with ordinary economic activity, he said.
According to PTT, it has managed to minimise the risk of oil accumulation by three measures.
Firstly, the group has worked with its oil refineries to maintain oil reserves at full capacity, Mr Auttapol said, adding that PTT imported about 95 million litres of crude oil from the United States, which are kept at the Sri Racha oil terminal in Chon Buri.
Secondly, PTT has contacted its network of business partners to increase crude oil reserves up to at least 160 million litres, higher than normal levels, he said, adding the group also reserves 320 million litres of internationally traded oil for the country to bolster national energy security.
Lastly, the group utilises vessel tracking which helps keep track of crude oil transport in case there is an urgent demand to purchase more oil, he said, adding the measures are estimated to help increase oil reserves up to at least 640 million litres.
For refined petroleum products, PTT has sought to accumulate more refined oil and temporarily halted diesel exports, Mr Auttapol said. The group also imports benzene at an average of 30 million litres per month, he added.
For fuel oil, PTT imports oil and sends about 4,000 tonnes per month to the Bang Pakong power plant, he said. If the demand for liquefied petroleum gas rises, PPT is prepared to accumulate more to guarantee supplies, he said.
Mr Auttapol added that PTT group is equipped to serve as the main source of oil and fuel for domestic consumption at full capacity during normal and unpredictable situations. PTT will observe the crisis and take actions at the earliest necessity, he said.
The country has about 3.2 billion litres of crude in stock and another 1.46 billion litres en route for delivery, along with 1.67 billion litres of refined oil, Energy Ministry permanent secretary Kulit Sombatsiri said.