PTT Oil and Retail Business Plc (OR) has unveiled a detailed improvement plan aimed at reversing the decline in its market share and stock value..
Under the leadership of newly appointed Chief Executive ML Peekthong Thongyai, OR is focusing on expanding its oil trade and forming new partnerships to bolster revenue. The strategy includes leveraging OR’s strong oil logistics infrastructure, including oil refineries and depots, to position the company as a regional oil hub, with plans to increase oil exports to neighboring countries.
A shift in focus away from price competition at fuel stations is also expected, as ML Peekthong emphasized that the company would not compete solely on fuel prices, given the broader economic impact of lower retail prices. Additionally, OR plans to revamp its non-oil businesses, such as Cafe Amazon coffee shops and convenience stores at petrol stations, while moving away from investments with poor prospects.
The company recently ceased its investment in the American fast food chain Texas Chicken, closing all its branches in Thailand. These changes come as OR aims to improve the profitability of its operations and explore new avenues for growth.
A key component of the recovery plan includes a budget allocation of 60 billion baht for the period from 2025 to 2029, with 19 billion baht designated for the current year. Of this budget, a substantial portion will be directed towards oil and electric vehicle-related initiatives, with further investment into expanding non-oil businesses and international markets.
In related developments, PTT Exploration and Production Plc reported a 2.3% increase in revenue to $9.2 billion in 2024, despite a 3.5% drop in global crude oil prices. This growth was attributed to an increase in petroleum production and sales.
Full story PTT Oil and Retail Business Announces Strategic Plan for Recovery and Growth - Thai Times
Share this:
