Thailand raises petroleum stock to 64 days

BANGKOK, March 9 (TNA) - The Ministry of Energy has raised Thailand's petroleum reserve from 42 to 64 days to ensure national energy security, amid rising tensions in the oil-rich Middle East, including conflicts between the West and Iran over nuclear issues. Energy Minister Arak Choltharnont told journalists that additional two million barrels of Thailand's petroleum stock are kept at a floating storage of PTT Public Company Limited (PTT) in neighbouring Singapore, providing more petroleum supply to the country for two more days in case of any emergency. Arak insisted that his ministry would secure additional floating storages if the tensions in the Middle East, covering the Strait of Hormuz near Iran, were escalated. According to the minister, the Thai government would also resort to other measures, including imposing a temporary ban on petroleum exports, increasing the percentage of bio-diesel and ethanol in the country's petroleum specifications and forming a petroleum supply network with other member countries of the Association of Southeast Asian Nations (ASEAN). (TNA)