Thailand’s PTT pursues US Gulf LNG deals amid Hormuz crisis

Liquefied natural gas buyers across Asia are stepping up efforts to secure more fuel from the United States as months of disruption to the Strait of Hormuz continue to reshape global energy procurement strategies.

PTT Eyes US Gulf Deals at Gastech

Thailand's state-controlled PTT is in talks to purchase more LNG from the US Gulf Coast to diversify its supply base and expand its trading business, Chief Executive Officer Kongkrapan Intarajang said in an interview at the Gastech conference in Bangkok on Tuesday. The company would also be open to taking minority stakes in US LNG export projects to secure more favorable contract terms. "We might have to invest a little bit to secure the molecules," Kongkrapan said.theedgemalaysia+1

PTT aims for a roughly fivefold increase in LNG trading volumes by 2035, reaching around 15 million tonnes a year, with more than half sourced through long-term contracts to be signed over the next few years. The company is also considering supply from Australia, Canada, and the Middle East, provided pricing is competitive.theedgemalaysia

Hormuz Crisis Forces Structural Shift

The urgency stems from the ongoing US-Iran conflict, which has effectively shut down most oil and gas flows through the Strait of Hormuz since early 2026, removing what the United Nations estimated was about a fifth of global seaborne oil trade and a large share of LNG flows. Shell ↘ 0.21% executive Cederic Cremers told the Gastech conference on Monday that nearly seven months of disruption had kept 36 million tonnes of Qatari and Emirati LNG off the global market compared with 2025, and that restoring production would take time even after the strait reopens.reuters+2

A McKinsey survey released at the conference found that 80 percent of LNG buyers expect their procurement strategies to change because of the disruption, with geographic diversification cited by 93 percent of respondents as a planned response. "There is a shift from cost minimisation to prioritising security of supply," one buyer said in the survey.tradearabia

Beyond Thailand

PTT is far from alone in looking westward. QatarEnergy's declaration of force majeure on deliveries earlier this year left major buyers, including Italy's Edison, without contracted volumes for months. Asian and European buyers have told Reuters they plan to seek lower prices and additional supply guarantees from Gulf producers, while demanding replacement cargo provisions from projects outside the region, such as Qatar's Golden Pass terminal in Texas.marinelink

"I don't think it's possible to not buy LNG from the Middle East," Kongkrapan said. "But you have to now learn to diversify. You have to have a lot outside of Hormuz, and also more flexible terms".theedgemalaysia