Thailand's state-owned oil company PTT opens office at ADGM

PTT joins India's Reliance Industries, ICE Futures Abu Dhabi and Adnoc's trading companies at Abu Dhabi Global Market

Abu Dhabi Global Market is starting to attract several energy trading companies. Victor Besa / The National

Thailand’s state-owned oil and gas company PTT opened a new trading office on Thursday at Abu Dhabi Global Market, as the emirate seeks to establish itself as a global commodities trading hub.

PTT joins the growing energy trading community based at ADGM, which includes Adnoc Global Trading, Adnoc Trading, ICE Futures Abu Dhabi (Ifad), which launched Murban Futures in March 2021, and India’s Reliance Industries, which opened its trading office in October 2021.

"PTT is an esteemed addition to the growing trading ecosystem at ADGM. The development of ADGM as a global trading hub is transforming the industry, home to several major trading companies, including Reliance Industries, Ifad as well as Adnoc’s own trading companies," state-news agency Wam reported.

The Thai-listed company is a customer of Adnoc and a partner in its Offshore Concession Blocks 1, 2 and 3, alongside Italy's Eni, for offshore exploration and production.

The agreements for blocks 1 and 2 were awarded in 2019. That was the first time Abu Dhabi had awarded blocks to a consortium as part of its first competitive open block licensing round.

Interim results from the first exploration well in block 2 indicated the presence of between 1.5 trillion and two trillion standard cubic feet of raw gas, Adnoc said in January.

PTT is also one of the founding partners in the Ifad Exchange, where Murban Futures trade.

Last year, the Thai company further expanded its presence in the UAE by signing an agreement to acquire a 25 per cent stake in an onshore exploration block in Sharjah.

Trading in both commodities and derivatives markets has become a major focus of growth for the UAE's economy.