Thailand's state-owned oil and gas firm PTT aims to increase its liquefied natural gas portfolio to 15 million tonnes per year by 2035 as it aims to become a global LNG player.
Thailand currently imports LNG via two import terminals operated by PTT.
These terminals include the first Map Ta Put LNG terminal with a capacity of 11.5 mtpa and the second Map Ta Phut LMPT2 LNG terminal, also known as the Nong Fab LNG terminal, with a capacity of 7.5 mtpa.
Since March, PTT has accelerated spot LNG procurement from sources outside the Middle East to offset supply disruptions caused by the conflict there.
The company also aims to increase LNG supplies under a long-term deal it has with US LNG exporter Cheniere.
PTT CEO Kongkrapan Intarajang discussed PTT’s LNG imports and trading plans during the first-quarter analyst meeting last week.
He noted that Thailand imports approximately 30 percent of its natural gas requirements.
Approximately 64 percent of natural gas comes from domestic sources, 9 percent from Myanmar, 6 percent comes from the Middle East via LNG from Qatar, and 21 percent is from other LNG sources.
Intarajang said that 20 percent of global LNG supply is transiting the Strait of Hormuz, creating a significant market impact, especially for Asia.
He said that supply normalization has now been re-baselined for 2028-2029, as asset restoration has effectively neutralized the previously projected LNG oversupply in 2026.
The CEO also noted that LNG prices have increased with market volatility.
Global LNG player
With this, PTT aims to accelerate sourcing from the US and other regions to reduce reliance on the Middle East.
The CEO said that PTT wants to strengthen its LNG portfolio by enhancing the value chain investment and securing “competitive LNG”.
“Amidst volatility, we have to step up LNG so that we can capitalize on LNG in the face of volatility,” he said.
He said that PTT’s target is to have a portfolio of 10 million tonnes per annum by 2030.
The company’s presentation shows that PTT aims to have a portfolio of 15 million tonnes per annum by 2035.
According to the presentation, PTT’s 2026 LNG portfolio target is 3.7 mtpa.
PTT’s plans include entering into long- and short-term LNG supply agreements, both free on board and delivered ex-ship, gas and oil-linked, and hybrid.
The presentation shows that PTT plans include supplying LNG from the US to Europe and Asia, as well as LNG from Canada, Latin America, APAC, and the Middle East to Asia.
PTT launched its LNG trading desk through its international trading unit in 2019.
PTT Trading’s website indicates that the company’s LNG portfolio exceeded 4 mtpa in 2023. (May 27, 2026, Source: https://lngprime.com/asia/thailands-ptt-plans-to-grow-lng-portfolio-to-15-mtpa/187625/)
THAILAND - LNG - SUPPLIES - IMPORTS - EXPORTS