Saudi Aramco strengthens its presence in the oil refining and marketing sector in Asia - Energy

Saudi Aramco signed a new memorandum of understanding, as part of its strategy to open new markets and expand oil refining and marketing projects.

A statement by the Saudi oil giant said that Saudi Aramco signed, today, Thursday, May 12, 2011, in the Thai capital, Bangkok, a memorandum of understanding with the Thai National Oil Company (PTT), as part of its efforts to expand its presence in the refining, processing and marketing sector in Asia.

The announcement of the memorandum of understanding comes less than 24 hours after it was revealed that Aramco has restarted the 300,000 barrels per day (bpd) Pengrang oil and petrochemical complex in Malaysia, a joint venture with Malaysia’s Petronas, that had been halted two years ago.

Aramco
Chief Executive Officer of Aramco Trading Company Ibrahim Al-Buainain

Securing energy demand

The two companies (Aramco and PTT) seek to enhance cooperation in a wide range of activities, including the supply of crude oil, the marketing of refining products, petrochemicals, and liquefied natural gas, as well as other cooperation opportunities in the areas of blue and green hydrogen, and many clean energy initiatives, in addition to the development of exploration About gas and its production, and electric vehicles.

For his part, Vice President of Sales, Trade and Supply Planning at Saudi Aramco, Ibrahim Al-Buainain, stressed that the cooperation between the two companies is an opportunity to achieve the maximum benefit from the supply chain in a number of vital and rapidly growing business sectors, and to expand the refining, processing and marketing sector in Asia, which is one of the main catalysts. Global demand for energy and chemicals.

The memorandum aims to supply and trade crude oil, petrochemicals and liquefied natural gas, study the feasibility of different models for processing feedstock, focus on clean energy, carbon extraction and electric vehicles, and potential cooperation in various sectors (Exploration and Production) and (Refining, Processing and Marketing).

energy transformation

For his part, PTT President and Chief Executive Officer, Otapol Rirkpippon, said: “Today’s agreement represents an important milestone for BTT and Saudi Aramco as they look to the future and seek to expand cooperation in areas beyond traditional energy sources, and reflects our continued commitment to security of supply in the world. It’s time to embrace the transformation of the energy sector.”

“BTT and Saudi Aramco have successfully built strong relationships in the supply and trading of crude oil and other products,” said Desathat Banyaraken, Senior Executive Vice President of BTT, International Trade Business Unit.

He added, “Expanding our cooperation in all areas of the supply chain, to include new initiatives to decarbonize, is a great opportunity to strengthen our relationships and promote business growth.”

He pointed out that the new agreement is also in line with the company’s strategy of green and clean energy, which aims to reduce greenhouse gas emissions, as part of the company’s vision to provide life with future energy and more.

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