According to Thai finance assistant minister Kitti Limskul, "There [are] no plans to cut corporate taxes further to 5% to match Singapore's new rate. There is no thought of entering into a rate war with Singapore, and the current rate for the hub [will] remain unchanged."

"The government [remains] fully committed to the energy hub concept, and plans to improve pipeline and storage infrastructure in the region [are] being accelerated," added Limskul.

The Thai hub, at Si Racha, offers corporate taxes of 10% to participants (around two-thirds off the normal 30% tax rate) and offers a duty-free zone for exports and port facilities capable of handling ships of up to 320,000 tonnes.