Thai oil and gas giant PTT and its Saudi counterpart, Saudi Arabian Oil (Saudi Aramco), recently signed a Memorandum of Understanding (MoU) as they seek to deepen cooperation following the full restoration of diplomatic ties between Thailand and Saudi Arabia.
Saudi Arabia is the second biggest supplier of crude oil to Thailand after the United Arab Emirates (UAE) and this latest venture aims to enhance collaboration on crude sourcing, as well as marketing refining and petrochemical products and liquefied natural gas (LNG).
PTT President and CEO Auttapol Rerkpiboon said the partners plan to extend their collaboration “beyond conventional energy,” while Ibrahim Al-Buainain, Aramco’s vice president of sales, trading and supply planning, said they would seek “greater cooperation across a wide range of activities.”
Under the MoU signed on Wednesday (11 May) in Bangkok, Aramco plans to increase its supply of crude, petro products and LNG to Thailand. The two companies will also cooperate on clean energy technology.
According to official data, Saudi Arabia accounted for about 18% of Thailand’s crude oil imports in value terms for 2021, compared with 27% for the UAE. (NNT)
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