PTT to invest in the Philippines

Thailand’s PTT Public Co. Ltd. will invest Php3 billion (US$63.03 million) in the Philippines, Artasith Pothiapinyanvisuth, executive vice president for commercial and international marketing for oil business group, said. The company is looking to put up 200 stations in the island groups of Luzon and Visayas in the next eight to 10 years. Local subsidiary PTT Philippines Corp. had earlier said it has so far allocated Php500 million (US$10.5 million) to develop 16 new service stations, and is targeting 50 stations by the end of 2009. The company has also earmarked Php6 million (US$126,060) to install blending facilities in the Philippines to comply with a government mandate to sell E10 ethanol blends. (January 29/ February 3, 2009)