Thailand, Russia to Set Up Joint Venture

Thailand has proposed setting up oil joint ventures with Russia in a deal that could turn the country into an energy hub in Southeast Asia, caretaker Prime Minister Thaksin Shinawatra said Friday.

Thaksin said he had discussed the energy proposal with Russian President Vladimir Putin during the second summit of the Conference on Interaction and Confidence-Building Measures in Asia (CICA), held in Kazakhstan this month.

"Russia is willing to help Thailand become a regional energy hub and Thailand has already made a proposal to Russia," Thaksin said in a speech at a business forum.

Russia, the world's second-largest crude exporter after Saudi Arabia, could set up joint ventures with Thai petroleum giant PTT Plc for oil depots and refinery plants, the premier said, but gave no further details.