INDEPENDENT oil player PTT Philippines Corp. has allocated P3 billion to carry out its expansion plan in the next five years.
Danilo Alabado, PTT Philippines general manager, said the money will be spent on infrastructure that include retail stations, oil terminal and oil depot.
“Next year, we will focus our efforts on laying down the infrastructure to support our expansion. We need support infrastructure for expansion,” Alabado told reporters in a briefing.
He said the depot, fuel terminal and retail stations that would like rise in the Visayas and Mindanao.
“Right now we have the trading areas in Luzon and Cebu. In order for us to achieve our goal to be one of the top five oil companies in the next five years, we will expand into other trading areas, other islands,” he said.
Even if Luzon is the center of a growing economy, the company needs to further expand in the Visayas and Mindanao, PTT Philippines President and CEO Sukanya Seriyothin said
PTT Philippines has 94 retail stations in Luzon and the Visayas.
Alabado said they are targeting to put up at least 300 retail stations in the run up to 2020.
When this infrastructure expansion happens, Alabado said PTT Philippines is looking at 5-percent to 6-percent growth next year until 2017.
“For 2018 going into 2020, we are looking at growth of 60 percent compared to what we had in 2015,” he added.
This year the company performed fairly, Alabado said.
“We were able to hit our target, 5 percent to 6 percent higher in sales volume than our plan, but sales revenue is lower because of decreased oil prices. We are confident that we are going to meet our target,” he said.
PTT Philippines, is the local unit of PTT Public Co. Ltd., the largest oil and gas company in Thailand’s upstream and downstream petroleum industry.