Thai oil refining firm TOP to expand operation in Vietnam
Thai oil refining firm TOP to expand operation in Vietnam
Thai Oil PLC (TOP), Thailand’s largest oil refining company by capacity, will select Vietnam as one of three destinations for its investment expansion, along with Indonesia and India.
TOP will invest in the fields of oil refinery, lube oil, and high-value petrochemical products, according to the newswire Bangkok Post. The total investment capital for these projects has yet to be disclosed. The expansion of its operations overseas is to meet the growing demand for energy and petrochemical products.
Wirat Uanarumit, president and CEO of TOP, stated that these three markets have the advantages of high rates of economic growth and large numbers of young people, thus these nations offer the best potential for investment throughout the Asian region.
It is not its first investment in Vietnam. In 2009, TOP expanded its business network in Asia-Pacific by establishing the TOP Solvent (Vietnam) Co., Ltd in Ho Chi Minh City, which operates the business of distributing solvents and chemicals imported from Thailand and abroad. The main warehouse is located in Dong Nai in the south of Vietnam.
In April 2019, TOP Solvent opened its 27,000-square metre integrated solvent facility in DEEP C Industrial Zone, gearing up to extend its reach not only in Vietnam but all across Southeast Asia. The facility has the total investment capital of $13 million.
