Thai, Canada Oil Cos. To Cooperate
May. 20, 1999
BANGKOK, Thailand (AP) _ Thailand's state oil company, the Petroleum Authority of Thailand, and TransCanada International signed a memorandum of understanding today for a strategic alliance in natural gas.
A development program will begin later this year with a training program at TransCanada's Canadian headquarters for staff of the Petroleum Authority, the state oil company said in a statement.
The Petroleum Authority's governor, Pala Sookawesh, was quoted as saying that the program is aimed at preparing the company for privatization.
According to the memorandum, PTT and TransCanada will cooperate in areas of ``mutual interest'' in addition to development of technology and human resources.
The statement did not outline any possible joint business projects or give cost figures.
TransCanada holds a 2.55 percent stake in Thai Petroleum Pipeline Co., or Thappline, which is a 258-mile system that transports refined products from Sriracha in Thailand's Eastern Seaboard to Saraburi, an inland industrial area 58 miles north of Bangkok.