PTT Philippines Corp., a wholly owned subsidiary of Thailand-based PTT Public Co. Ltd., has ramped up its investment to P2.1 billion in the next five years which involves the opening of 75 new stations across the country.
PTT Philippines President and Chief Executive Officer Wisarn Chawalitanon said that the investment would also include renovation of existing service stations, additional depots and storage facilities, and setting up of coffee shops and convenience stores.
Specifically, the company will be establishing 75 new service stations, including some premium stations, which are one-stop gasoline stations that require bigger spending because of their size and amenities.
“Premium stations,” as cited by the oil firm’s top official, are those that are larger than the typical fuel stations with more retail components.
“Every year, beginning 2014, we will be opening up 15 new stations or a total of 75 new stations in five years’ time, so we will be more visible particularly in Luzon,” Chawalitanon said, adding that the company still doesn’t have any immediate plans to expand in Mindanao.
Currently, PTT has 70 service stations in the Philippines and according to the company’s top official, seven more stations are being constructed and expected to open early next year. One of these stations is PTT’s first platinum station which will be located in Lucena, Quezon, in early 2014, while the second one may be built by the end of next year with Metro Manila as potential location.
“This is our premier station whose design has been patterned after our platinum stations in Thailand,” Chawalitanon said.
One premium station will require PTT an investment cost that ranges from P200 million to P300 million compared to the regular stations, which require an investment of around P20 million.
For this year, PTT is expecting its net income to reach P300 million, a 25-percent growth from its last year’s profit. Chawalitanon said that the company remains optimistic that it will still meet the target.