Monday, 2 July 2007

PTT of Thailand to expand RP operations

Looks to supplying airlines in Subic, Clark
By Darwin G. Amojelar, Reporter
Original report at The Manila Times
http://www.manilatimes.net/national/2007/july/02/yehey/business/mainbus.html

BANGKOK, Thailand: PTT said it will accelerate investments in the Philippines, as it plans to serve airlines operating in two former United States military bases that have been converted into special economic zones.

Artasith Pothiapinyanvisuth, PTT executive vice-president for commercial and international marketing, told reporters that PTT Philippines Corp. will expand its retail network.

In the next five to ten years, PTT Philippines expects to put up 100 to 200 stations nationwide at a cost of more than P3 billion.

The PTT executive said the company plans to add about 10 to 20 stations yearly with an investment of around P15 million per facility.

At present, PTT has 20 retail stations in the Philippines, including in Cebu and in Northern Luzon areas.

Pothiapinyanvisuth said the construction of a $2-million oil depot in Cebu, which has a five-million liter capacity is completed and will start commercial operation by the end of the month.

PTT also plans to build an oil depot in Northern Luzon in three to five years.

The company official said more retail stations and a new depot to supply jet fuel to airlines operating in Subic and Clark.

The company, which is operating inside the Subic Freeport supplies jet fuel to Cebu Pacific Air, Philippine Airlines and Federal Express.

Sukanva Jindanuwat, PTT Philippines Corp. chief finance officer said the Philippine unit contributes 4 percent to 5 percent of the international operations’ revenues.

Jindanuwat said PTT Phils. earned abo‑ut $400 million last year

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