Sea Oil casts wider net, eyes Asean

Sea Oil casts wider net, eyes Asean

The MAI-listed Sea Oil Plc, a supplier of marine bunker oil and lubricants, expects revenue growth of 20% to 3 billion baht this year on the back of business diversification and growing demand for fuels.

Chairman Apisit Rujikeatkamjorn said the expected double-digit growth would come from branching into other businesses beyond fuel distribution.

These include catering and housekeeping services for oil and gas staff on barges and platforms.

The company also provides general supplies such as provisions, raw materials, water, tools and equipment for various types of vessels.

Mr Apisit said revenue from the new businesses had risen to 10% of total revenue from 4%.

Last year, Sea Oil recorded revenue of 2.68 billion baht.

It became a listed company last September by mobilising 242 million baht in funds via the Market for Alternative Investment.

"After gaining a lot of liquidity from the stock market listing, we are ready to expand the business," said Mr Apisit, who is also a retired PTT executive.

The company is now in the planning stages of expansion into other Southeast Asian countries.

These will include Indonesia, Vietnam and Malaysia.

Indonesia and Vietnam are especially seen as high-potential destinations for Sea Oil.

These two countries are in the process of opening their upstream petroleum sectors.

Mr Apisit, now 70, retired from energy giant PTT Plc in 2004.

As the senior executive vice-president for retail oil, he was responsible for creating PTT's Cafe Amazon brand and developed non-oil business at petrol stations to offset falling margins in retail oil operations.

Mr Apisit is also chairman of Siam Global House Plc, an SET-listed retailer of building materials and home improvement items.

Last week, Asia Green Plc, an SET-listed coal importer and distributor, invited Mr Apisit to become that company's chairman as well.

Shares of SEAOIL closed yesterday on the MAI at 9.15 baht, down five satang, in trade worth 83.3 million baht.

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