The 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 companies signed a memorandum of understanding at a ceremony in Bangkok, the firms confirmed in a statement.
The Aramco vice president for Sales, Trading, and Supply Planning, Ibrahim Al-Buainain, 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.”
The companies aim to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and liquefied natural gas (LNG).
PTT President and chief executive officer, Auttapol Rerkpiboon, said: “This 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.”
Other potential areas of activity include blue and green hydrogen and various clean energy initiatives.
The PTT senior executive vice president for International Trading Business Unit, Disathat Panyarachun, 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 decarbonisation 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 PTT’s ‘Powering Life with Future Energy and Beyond’ corporate vision.”
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