PTT Philippines Corp., a unit of PTT Public Co. Ltd. of Thailand, plans to invest P5 billion to expand its retail network over the next five years, officials said Wednesday.
PTT Philippines aims to end the year with 112 stations nationwide and plans to add 188 stations under the five-year investment plan.
The company previously set capital expenditures of P3 billion over a five-year period to bring its retail stations to 300, but decided to increase it to P5 billion to include the refurbishing of existing stations.
The company is also infusing capital to put up Cafe Amazon, the company’s brand of coffee chain that first became popular in Thailand.
“We are spending it for retail expansion and businesses like Cafe Amazon,” PTT Philippines president and chief executive Sukanya Seriyothin said.
The company expects an 11-percent average volume increase annually over the five-year period.
PTT Philippines is also eyeing investment opportunities in Mindanao. The company’s retail stations are mostly located in Luzon and a few in the Visayas.
The company opened this year its biggest station in the Philippines”•the two-hectare PTT SCTEx in Concepcion, Tarlac.
The SCTEx station is PTT’s second platinum station in the Philippines next to PTT Lucena that opened last year. A platinum station has much bigger land area and is designed with a park concept that is exactly the same with Thailand’s platinum stations.
PTT’s parent company, the state-owned PTT Public Company, is Thailand’s largest oil company and the only company from Thailand listed in Fortune Global 500 companies.