PTT Delays Petrochemical, Refining Partnerships Amid Middle East Tensions
PTT Group has delayed its plans to finalize partnerships for its petrochemical and refining businesses due to ongoing geopolitical tensions in the Middle East. PTT President and CEO Kongkrapan Intarajang stated that despite the challenges, the company is continuing to seek foreign partners.
The partnership search involves three major PTT Group companies: PTT Global Chemical (PTTGC), Thai Oil (TOP), and IRPC. Originally, the goal was to finalize partnerships by the end of 2026, but market conditions have changed significantly due to the conflict in the Middle East.
Kongkrapan noted that the Middle East crisis has created both challenges and new opportunities for PTT. Companies facing difficulties exporting oil from the region are now considering investments in Southeast Asia, where demand remains strong.
PTT has reduced its dependence on Middle Eastern crude to around 30% by diversifying its crude supplies with imports from other regions. Kongkrapan emphasized that the company is not abandoning its search for strategic partners and will continue assessing potential investors carefully.