Thailand’s oil and gas giant PTT has said it will expand its operations in the Philippines and, in a first step, invest $10 million for the enlargement of its service-station network in the country in 2013.
The company, which currently operates 58 retail stations in the Philippines, will add additional 15-20 petrol stations in Luzon and the Visayas, specifically in the province of Cebu, this year, according to Wisarn Chawalitanon, PTT Philippines president and chief executive officer.
The target is to set up 75 to 80 more stations by 2016, he added, which will require a total investment of $37.5 million. This will bring PTT Philippines’ retail network to about 125 to 130 by the end of 2016. PTT is also evaluating various areas in the Philippines for additional depots and terminals, Chawalitanon was quoted as saying by Thai newspaper The Nation.
At present, PTT in the Philippines has retail network that covers Metro Manila, Central, North and South of Luzon as well as the Visayas. PTT also operates and maintains the PTT Cebu Mactan Oil Depot and Terminal.
Since the deregulation of the Philippines downstream oil industry in 1998, there are now more 240 oil companies operating in the country, categorised as oil majors (namely Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron Philippines), new players and independent players.