MANILA, Philippines – PTT Philippines, the local unit of Thailand’s largest petroleum company, is introducing smaller stations this year to further propel its expansion program in the country, company officials said yesterday.
This will form part of the nearly P500 million investment plan to put up at least 15 gas stations this year.
The Philippines is one of the main target markets of Thailand’s PTT Public Co. Ltd., which is aggressively expanding its presence in Southeast Asia, PTT Philippines director for operations and logistics Korawat Sungmongkol told reporters during a media forum.
“The Philippines is a mature market, actually a very tough market unlike Laos, Cambodia and Vietnam. But this is a very stable market, you have good consumption, high population, politics is stable, regulations are conducive,” he said.
This year, PTT Philippines is eyeing to build at least 15 new stations as it focuses to grow the retail side, marketing director Thitiroj Rergsumran said in the same forum.
“We got the assignment from head office to have 15 stations. This year, we will invest more than P450 million worth of investment in retail business,” he said.
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The oil firm has completed one gas station in Cebu and one in San Fernando, Pampanga.
Currently, seven gas stations are under construction and the remaining stations will be put up in the second half of the year.