ADNOC in Talks to Joint Venture PTT Group Refinery, Deal Expected This Year

M&A · Partnership

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Summary · why it matters

It has been reported that Abu Dhabi National Oil Company (ADNOC) is in negotiations to acquire a stake in a refinery operated by companies in the PTT Group, according to The Edge Singapore, and the deal could be announced within this year. In addition to the share purchase, the discussed deal may include crude oil supply contracts to the refinery and allow ADNOC access to petroleum products for resale. Thai refineries that can handle heavy crude oil may be suitable for oil from Abu Dhabi, while ADNOC aims to expand its overseas refining business to secure markets for its crude and diversify risks from the Strait of Hormuz. Analysts from Krungsri Securities Public Company Limited view that the market may give a positive weight to energy stocks, especially refineries such as TOP, PTT, and PTTGC. However, negotiations are still ongoing, and both ADNOC and PTT have not yet commented.

PTT Public Company Limited ▲

PTT Global Chemical Public Company Limited ▲

Thai Oil Public Company Limited ▲

Impact on stocks 3

Energy Transition & Power Demand▲ · 2 stocks

PTT Public Company Limited

▲ PositiveCapitalrelevance

Potential JV with ADNOC could enhance PTT's refining business and secure crude supply.

Thai Oil Public Company Limited

▲ PositiveCapitalrelevance

Thai Oil is a refinery that could handle heavy crude, potentially benefiting from ADNOC's investment.

Materials▲ · 1 stocks

PTT Global Chemical Public Company Limited

▲ PositiveCapitalrelevance

As part of PTT Group, PTTGC may benefit from the refinery JV and crude supply agreements.

Off-coverage companies 1

Abu Dhabi National Oil Company (ADNOC)Private▲ Positive

Capitalrelevance

ADNOC is in talks to acquire stake in PTT refinery, expanding overseas refining and securing markets.