PTT Philippines Corp. (PTTPC) is embarking on a five-year expansion program as it sees its revenue growing by about a third of the projected sales this year.
The Thai oil firm may post P17 billion in revenue this year and P26 billion in five years, according to country CEO and president Wisarn Chawalitanon.
Given its bullish prospects, the company has allocated P2.1 billion for its five-year expansion plan.
The expansion program involves the opening of 75 new service stations, renovation of existing stations, additional depots and storage facilities, and setting up of coffee shops and convenience stores in service areas.
“Every year, beginning 2014, we will be opening up 15 new stations or a total of 75 new stations in five years, so we will be more visible, particularly in Luzon,” Chawalitanon said in a press conference.
Presently, PTT Philippines has 70 service stations in the Philippines.
Of the Thai oil firm’s total network, 15 were opened this year, particularly in the provinces of Bulacan, Pampanga, Nueva Ecija, La Union, Pangasinan, Laguna and Quezon.
Seven more stations are being constructed and are expected to open early next year.
One of these stations is PTT’s first so-called platinum station located in Lucena, Quezon.
A platinum station is bigger in size in terms of land area covered and has one-stop shop facilities.
“This is our premier station whose design has been patterned after our platinum stations in Thailand. It has a green environment setting that will make our stations different from that of other oil companies,” Chawalitanon said.
PTT Philippines officials said that apart from the Lucena station, the construction of two other premier stations is also under way.
These will be in Taytay, Rizal, and in Fairview, Quezon City. Both are expected to open in the first quarter of next year.
Most of PTT Philippines’ stations are in Luzon and only nine are in the Visayas, particularly in Cebu.
“Our long-term plan is to also expand in Visayas and Mindanao, but our thrust for now is to establish first our presence in Luzon. Once we succeed on this, definitely we will be moving toward southern Philippines,” Chawalitanon said.
PTT Philippines is a subsidiary of the Petroleum Authority of Thailand Public Company Ltd.
It is primarily engaged in retail, wholesale, and commercial marketing of petroleum products.