PTT Philippines earmarks P1.5B for capex over next 4 years

A third of the capex, or P500 million, is earmarked for the new fuel stations.

MANILA, Philippines — The local unit of Thailand’s PTT Public Co., which is focused on oil and gas, intends to spend about P1.5 billion in the next four years to expand its operations in the Philippines.

PTT Philippines is engaged in the local trading of petroleum products, particularly in three major segments—retail, wholesale and commercial markets.

Company officials bared these planned investments in a media briefing on Friday.

Athiwat Rattanakorn, the firm’s president and CEO, told reporters that the group is targeting to grow its retail network to 280 stations by 2030. Currently, they have 170 stations.

Most of the fuel stations are eyed for development in Luzon and the Visayas. This is according to the company’s supply and logistics director Apichate Thipphayakosai.

Davao market

Thipphayakosai had added that they are also looking at entering the Davao market.

Of the total capital expenditure (capex), around P500 million is earmarked for the new stations, he said.

“We don’t go aggressively on the number of stations … We have to invest effectively in terms of that one,” he said.

READ: Cafe fuels Thailand’s PTT expansion in PH

“But one other thing that can be the mainstream of revenue of PTT Philippines is aviation. We can say that most of the domestic flights, we supply,” Thipphayakosai added.

The company strives to strike a balance between the revenue that it gets and the investment that it puts, he said.

PTT Philippines also expressed commitment to powering its gas stations with solar panels.

Putting up charging stations for electric vehicles (EV), meanwhile, is also under the pipeline. However, the officials said the number of EV charging stations would depend on the demand from the market.

Coffee shop chain

On top of the retail stations, the group also wants to develop its nonoil business with more Café Amazon stores in the Philippines.

This is the group’s Thai chain coffee shop. By 2030, PTT Philippines wants to have 100 Café Amazon stores.

“Because we believe in … the untapped market in the Philippines, we are pouring in more investments in this country,” Rattanakorn said. INQ