PTT eyes ASEAN countries for new investment

Thailand’s biggest petroleum company, PTT Public Company Limited (PTT), is eyeing three countries in the Association of Southeast Asian Nations (ASEAN), for its expansion project. The three companies are Laos, Cambodia and the Philippines. PTT Executive Vice President Saran Rangkhasiri said that the new investments in the three ASEAN countries will be focused on lubricants, retail oil and non-oil businesses. Saran said that from 2012-2013, PTT will initially open 40 stations in each of the three countries, with an investment of about THB1 billion (US$32 million). Other private firms will be invited to invest later on. The expansion plans are part of Bangkok’s preparations for the ASEAN Economic Community (AEC), which is expected to begin in 2015. PTT said the company also has plans to set up more petrol stations in Bangkok and the south, and upgrade existing stations in the northern and northeastern regions. (November 30, 2011)