Thai PTT in talks with Socar in pursuit of plans of third crude storage offshore Malaysia

Thailand’s PTT Pcl plans to lease a supertanker from Titan Petrochemicals to store crude oil for its refineries and for trading, as per Reuters. PTT is in talks with Socar Trading, the Geneva-based trading arm of Azerbaijan's state energy firm, to sub-lease half of the Very Large Crude Carrier (VLCC). The vessel will be the company's third VLCC for storage of crude oil, joining another two located offshore Malaysia, increasing its total storage capacity there to around 5 mln barrels. Socar will be able to store 1 mln barrels of Azeri Light crude and sell it to Southeast Asia. Subject to timely conclusion of talks, the companies could start storing crude by end of March. This is expected to be a year-long lease, with an option to extend it for another 12 months.
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