energy industry
Source：The Nation Newspaper
From：Taiwan Trade Center, Bangkok
Update Time：2021/04/15
PTT has joined hands with Abu Dhabi National Oil Co (Adnoc) -- the producer of Murban crude -- and eight of the world’s largest energy companies and the Intercontinental Exchange (ICE) to launch ICE Futures Abu Dhabi (IFAD).
The official opening ceremony of IFAD is scheduled for March 29. Auttapol Rerkpiboon, president and chief executive officer of PTT Pcl and other co-founders will join the event.
PTT's senior executive vice president, International Trading Business Unit, Disathat Panyarachun said that by foreseeing the benefits of being a co-founder, not just a player in the market, TBU decided to establish PTT MEA Ltd (PTT MEA) in Abu Dhabi, United Arab Emirates, which is 100 per cent owned by PTT International Trading Pte. Ltd. (PTTT).
The company, registered on February 21, will be a shareholder of IFAD and represent PTT Group's trading hub in the Middle East, he said.
By connecting Asia, Europe and Africa, insightful market information will be delivered to PTT networks while trading flows can be expanded.
IFAD will be home to the world’s first Murban Crude Futures Contract, where Murban crude is desired by more than 60 refineries in Asia, offering transparent and market-driven pricing for the first time.
Source: https://www.nationthailand.com/