DHAHRAN – WEBWIRE – Friday, May 13, 2022
- 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 Thailands 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 seek to improve cooperation in crude oil sourcing, marketing of refining products and liquefied gas (LNG) marketing. Blue and green hydrogen, as well as various clean energy initiatives, are other potential areas of activity.
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.
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 a