Bangkok--Feb 10--PTT
Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT), and Mr. Anusorn Sangnimnuan, President of Bangchak Petroleum Public Company Limited (BCP), have signed Bt65 billion worth of Crude Sale/Purchase Agreements for Pattani Field and Vichienburi Field.
Mr. Prasert said the Sale/Purchase Agreements will benefit the country’s economy through crude import substitution. BCP agreed on the 5-year contracts (2005 — 2009) to purchase 42 million barrels of crude worth more than Bt65 billion from Pattani and Vichienburi Fields. Local crude from both fields have equally high quality to those from the Middle East.
Mr. Anusorn said the Crude Sale/Purchase Agreements will help save the country’s foreign currencies and transportation costs. BCP will purchase Pattani Crude from the Gulf of Thailand supplied by PTT in replace of crude import from Malaysia and Brunei. For the purchase volume, in 2005, BCP will buy 9 — 12 thousand barrels per day (kbd); in 2006 — 2007 at 20 — 30 kbd; and 2008 — 2009 at 25 — 30 kbd.. PTT will deliver the Pattani Crude at Sriracha Petroleum Depot. For the Vichienburi Crude, BCP will purchase 500 barrels per day. Today’s Purchase Agreements follow the earlier agreement signed on Nov. 17, 2003 between PTT and BCP. Under the agreement, PTT will responsible to supply crude on the Government-To-Government (G-to-G) basis or indigenous crude to BCP.
Mr. Prasert added that the joint cooperation benefit both firms. That is, PTT can expand its market coverage while increasing domestic trading as well as creating higher value for local crude production. BCP also benefits from the crude supply stability with high quality product at appropriate price.
Exploration and production of local oil and natural gas production together with a development of alternative fuels such as gasohol, bio-diesel, and others are important ways to help Thailand save long-term foreign currencies outflow due to import of crude from foreign countries. End.