Thailand mulls to boost oil stocks

BANGKOK, September 27 (TNA) - Thailand is considering boosting national oil stocks equivalent to 90 days of existing supply, as recommended by the International Energy Agency (IEA). Thailand's Vice Energy Minister Wichianchote Sukchoterat said on Wednesday that his ministry has been assigned by the Cabinet to study a government plan to raise national oil reserves to 90 days of existing supply, from the equivalent of 36 days currently, and the study is underway. Police Lieutenant Wichianchote acknowledged that the plan needs a new law for the setting up of an agency to handle the stock increase and the process should take 5-6 years. Veerapol Jirapraditkul, Director-General of the ministry's Department of Energy Business, assessed that Thailand's increase in oil reserves by the public sector should cost about 120 billion baht, in addition to 30-40 billion baht for the construction cost of more oil depots. According to the senior official, the increase in oil reserves in the Thai private sector has been delayed caused by problems concerning land acquisition for the construction of tank farms. Mongkolnimit Auacherdkul, a board member of Esso (Thailand) Public Company Limited, suggested that the oil reserve increase is a good policy although it take times and its costs will be eventually passed on to local consumers. Meanwhile, an IEA executive, Keisuke Sadamori, urged all countries to raise their oil stocks to the equivalent of 90 days, phase by phase in accordance with their capabilities, saying that the IEA is ready to give relevant advice. (TNA)