Asia to Face Oil Shortage in 2005

High steel prices and construction costs preventing inventment in new oil refineries

Published: 15-Dec-2004

Bangkok, December 15. KAZINFORM. - Asia will face shortages of refined oil from next year onwards, a leading Thai petroleum company forecast today, warning that volatile steel prices meant that no-one dared to invest in the construction of new refineries, Kazinform quotes TNA.

Mr.Piti Yimprasert, the President of Thai Oil, said that demand for refined oil in Asia was likely to increase next year, driven by China's rapidly expanding economy.

However, few new refineries were being built in the region due to high construction costs.

<< PREVIOUSNEXT >>
RELATED NEWS ITEMS

READER COMMENTS

blog comments powered by Disqus