ADNOC, the UAE's national oil company, is negotiating to acquire a stake in a PTT refinery subsidiary alongside crude supply contracts and refined product sales rights, with the deal expected to close this year. This strategic move reflects ADNOC's shift toward securing long-term buyers for its crude and expanding its trading business across Asia. Thai refineries are attractive targets due to their heavy crude processing capability, which matches ADNOC's offshore Abu Dhabi crude grades. While brokers see medium-to-long-term upside for Thai refiner stocks (TOP, IRPC, PTTGC posted immediate 1–4% gains), short-term dilution concerns exist if new equity is issued.