Rosneft Plans Multidimensional Cooperation with Thailand
Rosneft and PTT Public Company Limited (Thailand) signed a Cooperation Agreement at the Eastern Economic Forum. The document was signed by Rosneft Chief Executive Officer Igor Sechin and PTT Public Company Limited President and Chief Executive Officer Tevin Vongvanich.
The document sets the ground for multilateral cooperation development between the companies in the areas of upstream, crude and oil product trading, refining, petrochemical projects, and LNG supplies. In particular, the agreement confirms the intention of both parties to conclude in the near future a long-term contract to supply crude oil and other feedstock to PTT.
Through cooperation with the largest energy company in Thailand Rosneft will enter one of the most lucrative energy markets in the Asia-Pacific Region. The country's economy demonstrates stable growth, which allows to forecast a further increase in demand for energy sources. Moreover, recent changes in the fiscal regime in Thailand will promote economic efficiency of energy product supplies to the local market.
Commenting on the signed document, Igor Sechin said: “The agreements reached confirm our commitment to efficient expansion of our operation geography to the growing points of the global economy. We see significant potential of our cooperation with PTT, which may be embodied not only in upstream, crude and product supplies, but also in LNG trading considering the expansion of Map Ta Phut terminal and natural decline in gas production in Thailand”.
Note for editors:
Thailand is one of the most dynamically developing economies in the region. 2016 GDP growth is forecasted at 3%, the manufacturing production growth – at 2% (Reuters consensus). This positive dynamics is also confirmed by the specialized metrics. For example, Bangkok is in Top-50 of the world cities in fastest growing cities ranking (+2% in 2015-2020), the automobile manufacturing in the country demonstrates steady growth (+9.5% third month in row), also the country has one of the most extensive motor road networks in the region (60.1 vehicles per 1 km of roads).
Rosneft Information Division
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September 2, 2016
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