PTT of Thailand to expand Phl network
MANILA, Philippines - PTT Philippines Corp., the local arm of Thai oil giant PTT, is setting aside at least P350 million yearly over the next three years to bring its network to 130 stations.
In an interview with reporters, PTT Philippines president and chief executive officer Wisarn Chawalitanon said they hope to end this year with 70 stations.
The company is targeting to put up 15 stations but Chawalitanon said they are already working on 20 contracts.
He said PTT is eyeing to put up the additional stations in the south.
“This year, we can open in the south, particularly in Cavite, Batangas and Laguna,†he said.
The retail stations will be put up through joint venture deals or long-term lease arrangements.
Eventually, when demand grows in the area, he said PTT may consider putting up a terminal in Batangas to cater to the demand in the area. PTT has a terminal at the Subic Freeport.
“We have to have a terminal there to serve the network in the south,†Chawalitanon said.
He said to build a terminal, the company needs between P500 million to P1 billion.
From the planned expansion, PTT Philippines hopes to post a net income of P300 million this year, although lower than the P400 million recorded in 2012.
He said the company lost some customers due to the increasingly growing competition but nonetheless remains optimistic that the network expansion would enable the company to achieve its target to bring its retail network to 130 stations by 2016.
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