Rayong: PTT Tank Terminal Co, wholly owned by oil and gas conglomerate PTT Plc, plans to spend 1.28 billion baht to increase capacity and handle shipments of liquefied petroleum gas (LPG) of up to 1 million tonnes a year.
The project, which was granted Board of Investment (BoI) privileges yesterday, is located in Rayong's Map Ta Phut Industrial Estate.
The company has a single LPG terminal on the Eastern Seaboard, inadequate to handle increasing LPG shipments, the BoI said in a statement.
Acting managing director Nattapong Pornprayuth said PTT Tank had five projects under development, led by the doubling of its LPG distribution capacity to 120,000 tonnes a year. This project is scheduled to be completed early next year.
Last year PTT Tank achieved revenue of 230 million baht. In the first half of this year, it took in 165 million baht, beating estimates of 130 million.
"I've upgraded our estimate for this year's revenue to 285 million baht from 260 million," Mr Nattapong said.
The company has set a goal of reaching the top quartile of the global tank terminal industry by 2018 and No.1 by 2023. It also hopes to be awarded TISI9999 certification for operators following sufficiency-economy principles within three years.