Shares of TOP and IRPC continued to surge following reports that Abu Dhabi National Oil Co (ADNOC), the energy giant based in Abu Dhabi, United Arab Emirates, is in talks to invest in Thailand's largest oil refining companies. TOP rose to 67.25 baht before trading at 66 baht, up 2 baht or 3.13%. Meanwhile, IRPC jumped to a high of 3.22 baht and was trading at 3.10 baht, up 0.10 baht or 3.33%. The news has not been confirmed, but Krungsri Securities views it positively in the long term. If ADNOC becomes a strategic partner, it would enhance the ability to source low-cost crude oil from the Middle East and expand export opportunities beyond Southeast Asia. Although there may be short-term concerns about capital increases of PTT's subsidiaries, if the talks succeed, it is seen as a buying opportunity.
Thai Oil Public Company LimitedADNOC in talks to buy stake in Thai Oil, enhancing crude sourcing and exports
PTT Public Company LimitedPotential capital increase of PTT's subsidiaries if deal proceeds
IRPC Public Company LimitedADNOC in talks to buy stake in IRPC, boosting long-term outlook
