Aramco, Saudi’s oil giant, expands its downstream presence in Asia with memorandum of understanding (MoU) with Thailand’s oil giant, PTT. The company is also exploring further collaboration with Thailand’s national oil company.
“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,” Auttapol Rerkpiboon, PTT President & Chief Executive Officer, said.
Both companies aim to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and liquefied natural gas. Other potential areas of activity include blue and green hydrogen and various clean energy initiatives.
“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,” Ibrahim Al-Buainain, Aramco Vice President Sales, Trading and Supply Planning, stated.
Read more: Aramco’s market value closes on $2.24 trillion
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