Logo of Phnom Penh Post newspaper Phnom Penh Post - Thai oil firm PTT to expand operations

Thai oil firm PTT to expand operations

Thai oil firm PTT to expand operations

Thai state-owned oil-and-gas conglomerate PTT said yesterday it was planning a $295 million expansion of its oil retailing business, including its Cambodian interests, over the next five years.

Bin May Mialia, the deputy managing director for corporate affairs at PTT (Cambodia) Limited, said the plan was to increase its existing number of 20 petrol stations to 65, expanding its reach across Cambodia.

“Initially the petrol stations will be set up around downtown areas and along the Asian Highway project.

The goal is to establish 45 more stations in Cambodia,” he said.

The Asian Highway project will look to improve road transport infrastructure in Asia, with Cambodia’s National Road 1 and 5 included in the network.

The new stations won’t create competition among existing PTT stations, as gas prices are uniform for all retailers, Mialia said.

“PTT stations have the same prices no matter their location, which is different from some local petrol stations, where gasoline prices differ according to the location,” he said.

The illegal smuggling of oil and gas into Cambodia from neighbouring countries continues to be a problem, Mialia said, but was optimistic that the problem will be resolved with the upcoming ASEAN Economic Community integration.

“The government is working on the issue and when AEC arrives, retailers will have to operate according to set standards and regulations,” he added.

The five-year plan will also increase the number of petrol stations in Laos from 24 to 62 and from 85 to 150 in the Philippines, as reported by the Bangkok Post yesterday.

PTT said it plans to open oil retail businesses in Indonesia, Malaysia, Myanmar, Taiwan and South Korea as well.

Most of PTT’s budget will be spent on expanding petrol station development in the local market and neighbouring countries, with a smaller amount of funding set aside to prepare for new non-oil businesses, said Buranin Rattanasombat, PTT’s oil business unit’s executive vice-president, to the Bangkok Post.

Cambodia spends more than $1 billion annually to import oil and gas from neighbouring countries to supply local demand.

MOST VIEWED

  • Municipal hall releases map detailing colour coded Covid risks by commune

    Phnom Penh municipal governor Khuong Sreng released an official map detailing the red, yellow and dark yellow zones within the city under the new lockdown orders for Phnom Penh announced on April 26. The designation of red, dark yellow and yellow corresponds to areas with high,

  • Phnom Penh unveils rules for post-lockdown transition

    The Phnom Penh Municipal Administration issued a set of detailed guidelines for the seven days to May 12 after the capital emerges from lockdown at the onset of May 6. In the 14-page document signed by municipal governor Khuong Sreng released on the evening of May 5, the

  • SBI LY HOUR Bank Launches Cross Border Money Transfer Service between Cambodia and Vietnam on RippleNet, utilizing DLT

    SBI LY HOUR Bank Plc and Hanoi-based Tien Phong Commercial Joint Stock Bank (TPBank) on Friday launched the first Cambodia-Vietnam money transfer service in real currency via RippleNet, provided by SBI Ripple Asia Co Ltd to provide safe, fast and convenient services. SBI LY HOUR

  • Phnom Penh, Takmao lockdown extended for another week

    The government late on April 26 announced an extension of lockdown in Phnom Penh and adjacent Takmao town in Kandal province for another seven days – or longer if residents do not comply with Covid-19 preventive measures and the community outbreak does not subside – until May 5. According

  • Gov't mulls extension of Phnom Penh, Takmao lockdown

    The Inter-ministerial National Commission for the Control and Enforcement of Lockdown held a video conference meeting on April 25 to review a draft document on the extension of lockdown in Phnom Penh and adjacent Kandal province’s Takmao town. The meeting was chaired by Minister of

  • Gov’t issues guidelines as lockdown nears end

    The government has issued a five-page set of instructions to be enforced when the three-week lockdown of Phnom Penh and adjacent Takmao town in Kandal province ends on May 6. According to an announcement signed by Prime Minister Hun Sen on May 4, the instructions cover a