Thailand’s PTT inks pact to buy Omani crude

Thai state-owned oil conglomerate PTT has signed a contract covering the sale and purchase of Omani crude. The arrangement is between PTT and its subsidiaries PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited.

Auttapol Rerkpiboon, President and Chief Executive Officer of PTT, presided over the signing ceremony in Bangkok on Tuesday. The signatories were Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, and Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP). Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT, also witnessed the signing.

In a statement, Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, said, “Oman crude is widely recognised as one of the most important crude benchmarks in the world. PTT’s International Trading Business Unit wins the Sale and Purchase agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for a total of 5 million barrels of Oman crude oil delivered from January – June 2022. This Oman crude will provide further trading opportunities, including out-out trading and profit to the companies and Thailand. Under the corporate governance policy, the signing ceremony of the Sale and Purchase Contract of Oman Crude between PTT and PTTEP Oman E&P Corporation and PTTEP MENA Limited has marked another successful milestone of PTT’s International Business Unit with an attempt to increase trading capability and networking.”

Montri Rawanchaikul, Chief Executive Officer, PTTEP, stated, “PTTEP returned to Oman in 2019 through the acquisition of Partex Corporation which was later transformed into PTTEP Oman E&P Corporation (POC) and currently holds two onshore producing petroleum blocks. The PDO (Block 6) Project has a total oil production volume of approximately 610,000 barrels per day and Mukhaizna (Block 53) Project holds approximately 120,000 barrels per day. Earlier this year, in February, PTTEP also acquired 20 per cent in Block 61 Sultanate of Oman (Oman Block 61) through PTTEP MENA Limited (a subsidiary of PTTEP) which adds condensate production volume of around 65,000 barrels per day. Combining the equity portions of the three projects, PTTEP holds approximately 23,000 barrels per day of crude oil. The projects have enabled PTTEP to make further investment, creating energy security, as well as generating revenues to the country.”