- MoU targets supply and trading of crude oil, petrochemicals and LNG
- Feasibility of different feedstock processing models studied
- Focus on clean energy, carbon capture and electric vehicles
- Potential collaboration across upstream and downstream operations
Saudi Arabian Oil Company ("Aramco") is exploring further collaboration with Thailand's national oil company PTT, as it expands its downstream presence in Asia. The two companies signed a memorandum of understanding at a ceremony in Bangkok on May 11.
The companies aim to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and liquefied natural gas (LNG). Other potential areas of activity include blue and green hydrogen and various clean energy initiatives.
Auttapol Rerkpiboon, PTT President & Chief Executive Officer, said: "Today marks a significant milestone for PTT and Aramco as we look to the future and extend our collaboration beyond conventional energy. It also reflects our ongoing commitment to security of supply as we embrace the energy transition."
Disathat Panyarachun, PTT Senior Executive Vice President, International Trading Business Unit, said: "PTT and Aramco have built strong ties around the supply and trading of crude oil and other products. Extending our collaboration across the value chain to include emerging decarbonization initiatives is a great opportunity to strengthen our relationship and foster further business growth. This also aligns with our 'green and clean' strategy which aims to reduce greenhouse gas emissions", as part of the PTT's Vision "Powering Life with Future Energy and Beyond."
Ibrahim Al-Buainain, Aramco Vice President Sales, Trading and Supply Planning, said: "Today represents an important step forward as we deepen and broaden this relationship to achieve greater cooperation across a wide range of activities, from sourcing crude oil and marketing refining and petrochemical products and LNG, to exploring blue and green hydrogen and progressing other clean energy initiatives."