PTT expects LNG import surge in 2023.
Bangkok Post (CBNB Abstracts)
PTT Plc aims to expand liquefied natural gas (LNG) imports from 3.3 M tonnes in 2022 to 6 M tonnes in 2023, in accordance with rising demand in the power sector fuelled by the tourism recovery. The growth in purchases also aligns with government policy to expand domestic LNG stocks. So far in 2023, the company has imported 4 M tonnes of LNG. The present price of LNG in the spot market is $9.4/M British thermal units (MMBTU), far below the level in 2022 when global energy prices grew because of the effect of the Russia-Ukraine war. LNG prices reached $35-40/MMBTU in 4Q 2022. According to analysts, LNG prices would grow by $15-16/MMBTU in the winter months. It would barely seem likely to see the prices hit $30/MMBTU. Moreover, PTT predicts its total petroleum trade in 2023 to reach near the level posted in 2022. Total volume amounted to 1.5 M barrels of oil equivalent/d (BOED) in 2022. As much as 1 M BOED would be crude oil, with the rest being refined oil and gas. PTT anticipates global prices of oil to be about $75-85/barrel through the rest of 2023 amidst a global economic slowdown. The company aims to raise earnings before interest, taxes, depreciation and amortization from its downstream business from 15% of total revenue in 2022 to 30% within 2030. One way to produce additional revenue is to have the offshoots of PTT, namely IRPC, Thai Oil and PTT Global Chemical, formulate more high value-added polymers to be utilized as raw materials for producing parts of smart electronic equipment, auto components and batteries. PTT is also exploring the potential of making biofuel for aircraft from waste cooking oil and palm oil as well as a business to desalinate seawater. Original Source: Bangkok Post, http://www.bangkokpost.com/.