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Thailand’s PTT to purchase 5mn barrels of Oman crude

13 Nov 2021 Thailand’s PTT to purchase 5mn barrels of Oman crude By OUR CORRESPONDENT

Muscat – Thailand’s state-owned energy company PTT has signed an agreement to purchase 5mn barrels of Oman crude oil during the first half of next year.

In a statement, PTT said its international trading business unit has signed the sale and purchase agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for a total 5mn barrels of Oman crude oil delivery from January to June 2022.

Auttapol Rerkpiboon, president and chief executive officer of PTT, presided over the signing ceremony between PTT and PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited.

The contract has been signed by Disathat Panyarachun, senior executive vice president, International Trading Business Unit, PTT, and Montri Rawanchaikul, chief executive officer of PTTEP. Kris Imsang, chief operating officer – Downstream Petroleum Business Group, PTT, also witnessed the signing ceremony.

Panyarachun said Oman crude is widely recognised as one of the most important crude benchmarks in the world.

He said, “PTT’s International Trading Business Unit wins the sale and purchase agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for the total of 5mn barrels of Oman crude oil delivery from January till June 2022. This Oman crude will provide further trading opportunities, including out-out trading, and profits to the company and Thailand.”

Rawanchaikul said PTTEP returned to Oman in 2019 through the acquisition of Partex Corporation which later transformed into PTTEP Oman E&P Corporation (POC) and currently acquires two onshore producing petroleum blocks. “The PDO (Block 6) project has a total oil production volume approximately of 610,000 barrels per day and Mukhaizna (Block 53) project holds approximately 120,000 barrels per day.”

Earlier this year in February 2021, PTTEP further acquired 20 per cent in Block 61 of Oman through PTTEP MENA Limited (a subsidiary of PTTEP) which adds on condensate production volume around 65,000 barrels per day.

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