• Feasibility of different feedstock processing models studied
  • Focus on clean energy, carbon capture and electric vehicles
  • Potential collaboration across upstream and downstream operations

Dhahran, Saudi Arabia – 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 two companies signed a memorandum of understanding at a ceremony in Bangkok on May 11.

The companies aim to strengthen cooperation across crude oil sourcing and the marketing of refining and petrochemical products and liquefied natural gas (LNG). Other potential areas of activity include blue and green hydrogen and various clean energy initiatives.

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 around the supply and trading of crude oil and other products. Extending our collaboration across the value chain to include emerging decarbonization 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.”

-Ends-

Contact Information
International Media Relations: international.media@aramco.com  
Investor Relations: investor.relations@aramco.com
Aramco

About Aramco

Aramco is a global integrated energy and chemicals company. We are driven by our core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world. www.aramco.com

About PTT

PTT, the national energy company, is committed to foster the energy security of Thailand throughout the value chain. With our new vision, "Powering Life with Future Energy and Beyond", we are expanding into the business of future energy and new businesses beyond energy industry. We strive to contribute to empower and embrace life, moving towards low-carbon society and delivering sustainable growth.  www.pttplc.com

Disclaimer

The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company’s current expectations and projections relating to its capital expenditures and investments, major projects, upstream performance, including relative to peers, and growth in downstream and chemicals. These statements may include, without limitation, any statements preceded by, followed by or including words such as “target,” “believe,” “expect,” “aim,” “intend,” “may,” “anticipate,” “estimate,” “plan,” “project,” “will,” “can have,” “likely,” “should,” “would,” “could,” “continue,” “forward” and other words and terms of similar meaning or the negative thereof. Such forward‐looking statements involve known and unknown risks, uncertainties and other factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward‐looking statements, including the following factors: international crude oil supply and demand and the prices at which Aramco sells crude oil; the impact of COVID-19 on business and economic conditions and on supply and demand for crude oil, gas and refined and petrochemical products; adverse economic or political developments that could impact the Company’s results of operations; competitive pressures faced by the Company; any significant deviation or changes in existing economic and operating conditions that could affect the estimated quantity and value of proved reserves; operational risks and hazards in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemical industries; weather conditions; political and social instability and unrest and actual or potential armed conflicts in the regions in which Aramco operates and other areas; losses from risks related to insufficient insurance; the Company’s ability to deliver on current and future projects; litigation to which the Company is or may be subject; the Company’s ability to realize benefits from recent and future acquisitions, including with respect to SABIC; risks related to international operations, including sanctions and trade restrictions, anti‐bribery and anti‐corruption laws and other laws and regulations; risks related to oil, gas, environmental, health and safety and other regulations that impact the industries in which Aramco operates; the Company’s dependence on its senior management and key personnel; the reliability and security of the Company’s IT systems; climate change concerns and impacts; risks related to Government-directed projects and other Government requirements, including those related to Government-set maximum level of crude oil production and target MSC; fluctuations in interest rates and foreign exchange rates; and other risks and uncertainties that could cause actual results to differ from the forward looking statements in this press release, as set forth in the Company’s latest periodic reports filed with the Tadawul. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company’s latest periodic reports filed with the Tadawul. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which it will operate in the future.

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