Thai NOC chooses Dubai for Mideast trading
Posted: 27 May 2008
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Dubai Multi Commodities Centre (DMCC) has registered PTT International Trading (PTTT) DMCC, a subsidiary of Thailand ’s national oil company, as the 100th member company of its fast-growing Energy Division.
PTTT DMCC is fully owned by Singapore-based PTT International Trading Pte. Ltd., whose parent company is the PTT Group, Thailand ’s national oil company and a leading petroleum trading company in Southeast Asia .
PTTT DMCC’s core business will be petroleum trading, mainly within East Africa and the Middle East . It will use its new strategic base in Dubai to facilitate the supply of crude, refined products and petrochemicals to Southeast Asia , primarily Malaysia , the Philippines , Singapore , Vietnam and Thailand .
“ Dubai is rapidly establishing itself as a major hub for the energy industry thanks to the various initiatives being undertaken by DMCC,” said Ahmed bin Sulayem, Executive Chairman, DMCC.
“PTT’s choice of DMCC as the base for its Mideast trading operations provides a significant addition to the list of prominent energy companies already present in Dubai . We very much welcome the addition of a national oil company such as PTT, which offers yet another clear indicator of Dubai ’s importance as an energy trading centre.”
PTTT DMCC will initially focus its trading operations on fuel oil and middle distillates, before moving into the provision and storage of oil products to support its bunker trading operations in Malaysia , Singapore and Thailand .
“ Dubai presents an ideal hub for PTT to establish its Mideast oil trading operations, given its strategically central location between the African, European, Middle East and Asia-Pacific markets. As such, we are pleased to be associated with DMCC in capitalising on the abundant opportunities available in this energy-rich region,” said Surong Bulakul, Chairman of the Board of Directors, PTTT DMCC.
Dr Tilak Doshi , Executive Director, Energy, DMCC, added, “The PTT Group is already a major participant in Southeast Asian oil markets. The expansion of its trading operations to Dubai will help consolidate its move towards market leadership in that region, as well as highlight to other major energy companies the strategic value of setting up trading operations here in Dubai .
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