PTT PH Sets P500-Million Capex for 2019

PTT Philippines has allocated PHP500 million for capital expenditures this year to help finance the opening of an additional 30 gas stations, among other expansion plans.

In a briefing Thursday, May 9, newly-appointed PTT Philippines President and Chief Executive Officer (CEO) Thitiroj Rergsumran said they plan to have a little short of 200 stations nationwide by the end of this year.

"Last year we have 152. Now 162 and (we plan to open) 30 something stations more," he said.

Rergsumran declined to give figures on how much it costs to establish each branch, noting that this depends on the location.

During the same briefing, PTT Philippines Trading Corporation President and CEO Danny Alabado said they target to open more branches in Luzon and Cebu.

"We will open additional branches in regions where there are higher growth and high demand," he said.

PTT is a wholly-owned subsidiary of Thailand's largest oil and gas company PTT Public Company Limited (PTTPLC).

Rergsumran vowed to sustain the growth of the company's oil and non-oil businesses.

"We are confident that we can achieve our growth because of the strong support from our head office in Thailand," he said.