PTT Public Company Limited (SET: PTT) has made an announcement to address the report on Tuesday that state-backed Abu Dhabi National Oil Co. is pursuing equity positions in PTT-affiliated processing facilities.
PTT stated that the company has consistently communicated to investors, including at its recent Annual General Meeting of Shareholders, the pursuit of strategic partnerships in the refining and petrochemical businesses remains one of the options under consideration. The objective of seeking a strategic partner is to enhance the long-term competitiveness and resilience of business. This includes strengthening Thailand’s energy security, increasing flexibility in feedstock sourcing, expanding market access opportunities, advancing technological capabilities, and enhancing operational efficiency.
These efforts are intended to address challenges arising from global refining overcapacity and the volatility of international energy markets. Any strategic partnership arrangement will be undertaken under a structure in which PTT remains the major shareholder and maintains control power over the refining and petrochemical businesses concerned, ensuring that their strategic direction remains under PTT’s oversight.
PTT stated that it is currently exploring and evaluating potential collaboration opportunities with several prospective partners. At this stage, there has been no material progress, and no definitive agreement has been entered into with any potential partner. Any potential transaction will be considered carefully and prudently, taking into account the interests of the business, stakeholders, the broader economy, and Thailand’s energy security. Any such transaction will be carried out in accordance with applicable laws and regulations and will be subject to all relevant review and approval processes.
