SET-listed oil retailer PTG Energy Plc seeks to become Thailand's largest oil retailer by petrol stations by 2017, says president Pitak Rachakitprakan.
PTG is fast expanding filling stations, from 951 to 1,000 by April. It aims for 1,200 stations by year-end and 2,000 by 2017, surpassing national oil and gas conglomerate PTT's 1,652 stations and Bangchak Petroleum's 1,070 units.
"We estimated we will spend around 1 billion baht over the next three years to expand our petrol stations," said Mr Pitak.
The company expects to maintain its sales growth at a 20% average over the next three years. It projects total sales this year to reach 66 billion baht, up 20% from 55.1 billion in 2014.
PTG Energy expects sales volume to rise by 20% to over 2 billion litres this year, up from 1.85 billion litres the previous year.
It plans to diversify business from oil to becoming a liquefied petroleum gas (LPG) retailer for the transport sector. PTG wants to raise its LPG stations to 30 by year-end, increasing to 250 units in three years.
"We now run our business more professionally than in the past. We conduct feasibility studies before submitting proposals for board approval, as we don't want to repeat the bubble of the 1990s," he said.
Mr Pitak said each potential project should offer at least double-digit growth.
"We will target large vehicles such as agricultural trucks and transport operators, which consume lots of oil," he said.
Mr Pitak said PTG is planning a joint venture with Tha Chang Industry Group and R&D Kasetpattana to develop a palm oil and biodiesel complex worth 4.8 billion baht in Prachuap Khiri Khan province. It is also seeking a partner to invest in renewable energy.
PTG's deal to build a new biomass plant is expected to be finalised by the second quarter this year. The company targets power generating capacity of at least 100 megawatts from energy sources ranging from biogas, biomass and waste-to-energy projects.