PTT Philippines to pour in P300M for Cebu expansion

Thailand-based PTT Philippines Corp., has invested P300 million to expand operations in Cebu. A company official said that the outlay is part of the Thai government's five-year multi-billion peso investment plan in the Philippines. Artasith Pothianpinyanvisuth, PTT Philippines chairman said the expansion is an indication of PTT’s growing confidence in the Philippines and the ASEAN region in general. The PTT Mactan Fuel Depot, Pothianpinyanvisuth said, marks the first phase of the company’s expansion in the Visayas. The depot, which cost P100 million to build, is located in Brgy. Pajo, Lapu- Lapu City. It has a total tank capacity of five million liters and can store gasoline, diesel, and fuel oil products. The remaining P200 million of PTT's investment will go to the construction of 15 retail service stations in Cebu. PTT currently operates 25 stations in the Philippines, most of which are in Luzon. The company plans to raise this number to 100 over the next three to five years. PTT Phils. currently operates Luzon oil terminals which it leases in Subic and Clark . But Pothianpinyanvisuth, also executive vice-president of the parent firm’s international operations, said the PTT Phils. is considering putting up its own oil depot closer to the National Capital Region (NCR), to save on transport costs and to better serve Filipino consumers. “As we speak today, PTT is already looking for another location in the areas of Luzon, Batangas and Manila Bay to put up modern fuel tanks and depot with full automation and with the latest international standards in protection of the environment—probably the first in the Philippines," he said. - GMANews.TV