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Market Chatter: Adnoc in Talks with PTT for Refinery Stake in Thailand

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Abu Dhabi National Oil, or Adnoc, is seeking a stake in Thai refineries to secure customers for its crude and expand its fuel-trading business, Bloomberg News reported Tuesday, citing people familiar with the matter.

Adnoc is in talks with Thai state-owned energy company PTT (SET:PTT) over a potential stake in refineries run by its units, in a transaction that would include contracts to supply crude and give Adnoc access to fuels from the facilities for resale to other buyers, according to the report.

A deal could be announced later this year, the report said.

Adnoc and PTT did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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