PTT Oil & Retail is planning to invest USD $100 million in the development of an oil depot in Cambodia.
According to a report in the Bangkok Post, the purpose of the oil depot is to support the rapid growth of the Cambodian economy post-pandemic, as PTT Oil & Retail continues to expand its international business operations.
The Bangkok Post said that in 2021, PPT Oil and Retail (OR), China National Aviation Fuel International Holdings and Total Energies Marketing (Cambodia) formed a joint venture with an equally funded investment of 33.33 per cent for an aviation refuelling station at the new Phnom Penh International Airport called Phnom Penh Aviation Fuel Service Co.
The concession agreement between Phnom Penh Aviation Fuel Service and the new airport developer Cambodia Airport Investment Co. was signed in July 2022.
According to the article, the construction of a jet refuelling facility was 80% complete and is scheduled to open in 2024.
PTT Oil & Retail is also exploring the possibility of entering the liquefied petroleum gas (LPG) market for the industrial sector in Cambodia, although the plan has not yet been finalised. The company aims to further expand in the Kingdom after already successfully setting up 170 petrol stations throughout the country.
PTT Group’s subsidiary, Thai Oil Plc, also aims to expand its oil refinery capacity by 60% to reach 450,000 barrels per day – up from the current 280,000 barrels per day as they identify the opportunity for exports to Cambodia.
Otteri Wash & Dry in Cambodia
The article suggested that PTT had previously announced a collaboration with K-Nex Corporation, a Thai retailer of washing and drying machines and a franchiser of laundry services under the Otteri Wash & Dry brand.
The collaboration aims to establish a laundry service at PTT filling stations across Cambodia and follow PTT OR acquiring a 40% stake in K-Nex.
A number of countries have expressed an interest in exploring oil operations in Cambodia including Kuwait and Iran.
There is increased demand for oil, confirmed the Mines and Energy Minister Suy Sem, and petroleum products are expected to increase from 2.8 million tons in 2020 to 4.8 million tons in 2030.