PTT to invest $2.5BN in fuel and convenience expansion
Ahead of its historic IPO, the Thai company has announced aggressive expansion plans for its business in Thailand and abroad.
Thailand's PTT Oil and Retail Business (PPTOR) has set aside a budget of 74.6 billion baht ($2.5 billion) for the 2021-2025 expansion of its three core businesses, reports the Phnom Penh Post.
PPTOR’s acting CEO Jiraphon Kawswat spoke about the company’s plans to expand in across all its business segments. The budget will be distributed in three areas – 35% in its fuel business, 29% in the non-oil business and 22% towards international business. The remaining investment will be spent on new business opportunities.
For the oil business, the Thai company plans to increase the number of stations from 1,986 to 3,100 sites by 2025. In similar fashion, it intends to expand the number of Café Amazon stores from 3,186 to 5,800 – the coffee and c-store concept proven a success.
As part of the international growth, PTT will open more petrol stations and Café Amazon stores in Cambodia, Laos, Myanmar, Vietnam, the Philippines and China, looking to rapidly increase its current 329 refuelling sites overseas.
Last Thursday, PTT Plc, Thailand's largest oil-and-gas company, has priced an initial public offering of shares in retail unit PTT Oil and Retail to raise up to 54 billion baht ($1.8bn).
