Rosneft of Russia on Friday signed an agreement with PTT of Thailand that includes cooperation in the field of LNG supplies.
In addition, under the agreement signed by Rosneft’s CEO Igor Sechin and PTT’s CEO Tevin Vongvanich, the two companies agreed jointly work on upstream, crude and oil product trading, refining and petrochemical projects.
Speaking about the agreement, Sechin noted the two companies could work together on LNG trading, “considering the expansion of Map Ta Phut terminal and natural decline in gas production in Thailand”.
Vongvanich was recently reported saying that PTT is eyeing an increase in LNG imports to 5 mtpa by 2017.
Expansion of the Map Ta Phut LNG terminal to 10 mtpa is set for completion 2017 with Thailand’s energy minister Anantaporn Kanjanarat saying a further $28 million investment by PTT would see the terminal’s capacity increase to 11.5 mtpa by 2019.
A long-term contract for the supply of crude oil and other feedstock to PTT is also among the goals, confirmed under the agreement.
Through the agreement, Rosneft is looking to take advantage of the developing economy in Thailand, a country with a forecast increase in demand for a number of energy sources.
LNG World News Staff