INDUSTRY analysts hailed the construction of the first refined oil project in northeast Thailand as it will not only significantly address the rising demand for refined oil products but also improve local supply in the region.
The project was constructed by China National Petroleum Corporation (CNPC).
CNPC is not only the largest oil and gas producer and supplier in China but also one of the major oilfield service providers in the world.
The strategic energy project boasts of 342-kilometer-long pipeline and passes through five provinces.
It has an annual oil transmission capacity of 6 million metric tons.
The initiative will greatly enhance the efficiency in delivering refined oil products in the region and better connect Thailand with neighboring countries.
An analyst from strategic research provider BloombergNEF hailed Thailand as one of the fastest-growing countries for oil demand in the Asia-Pacific, with more than 3,000 barrels of oil consumed per day in 2022.