PTT doubles budget for expansion in Philippines
PTT Philippines Inc, a unit of Thailand energy giant PTT Plc, may spend twice as much for its expansion as originally planned as the oil company ratchets up the number of service stations it will roll out throughout the country.
Company CEO Wisarn Chawalitanon told reporters that the Thai-led oil firm would be putting up 200 stations in five years from the previous target of eight to 10 years.
PTT Philippines currently has 70 service stations nationwide. This means the company will have to spend much more than the original budget of 2.1 billion pesos (US$45.6 million) to put up 75 new stations in five years.
"That (budget) may double, or more than double," he said.
Of the Thai firm's current network, 15 were opened in 2013. The stations are located at the provinces of Bulacan, Pampanga, Nueva Ecija, La Union, Pangasinan, Laguna and Quezon.