PTTOR maps out grand investment plan in Myanmar
PTT Oil and Retail Business Plc (PTTOR) will invest in the Myanmar retail market and the construction of a tank depot for oil and liquefied petroleum gas (LPG) as well as related facilities in the country, said company’s chairman Attapol Rerkpiboon, adding that the first gas station will open in the last quarter of this year.
It recently signed agreements with the subsidiaries of Kanbawza KBZ Group of Companies Ltd, Brighter Energy Co Ltd and Brighter Energy Retail Co Ltd, to invest in the two projects.
The first, in collaboration with Brighter Energy Co Ltd, involves the supply and distribution of petroleum products and the development of an oil tank depot, a port, and a LPG plant. This project is expected to be completed in 2021.
“The oil tank depot will have a total capacity of 1 million barrels of oil and 4,500 metric tonnes of LPG,” he said.
The second project, a joint venture with Brighter Energy Retail Co Ltd, will see the development of gas stations and and expansion of its Cafe Amazon outlets in the country.
“We plan to operate at least 70 gas stations in Myanmar by 2023,” he said, citing its experience in
running more than 2,000 gas station in Thailand, Cambodia, Vietnam, Laos, and the Philippines
The company expects monthly sales of up to 1,000 tonnes for its LPG project in Myanmar.
It will also expand the Cafe Amazon chain in Myanmar from 7 to 100 branches by 2023.
Currently, the company has a total of 2,800 Cafe Amazon outlets in Thailand, Myanmar, Cambodia, Laos, Philippines, Japan, Singapore, and Oman.
“We have adopted an aggressive investment strategy in Myanmar where the economy grows an average of six and seven per cent a year, with the demand for oil rising by up to 10 per cent annually. This is a high potential market for us,” Attapol said.
