PTG Energy Plc, Thailand's second-largest fuel trader by sales volume, is set to splurge 7.5-10 billion baht to expand its non-oil business over five years from 2022-26.
Rangsun Puangprang, the company's executive vice-president, said the spending will be used to expand non-oil segments such as food and beverage, retail, the digital platform, logistics, auto care and health and wellness.
He said the growth will be pursued via three strategies: expanding stores or touchpoints; partnerships, joint ventures and co-creation; and investment in startups.
By 2026, PTG wants to have 3,015 PunThai coffee shops and Coffee World stores, up from 369 outlets in 2021.
The company plans to have 500 Max Mart convenience stores, up from 267 stores last year, said Mr Rangsun.
PTG's cooking gas shops are projected to tally 720 outlets in 2026 from 171 in 2021.
For joint venture schemes, the company aims to forge partnerships with potential partners to create their own restaurant brands, augmenting PunThai coffee shops, which is the main anchor at PT petrol stations, he said.
In addition, the company has started to provide smart vending machines at some PT petrol stations to test the market in the first quarter.
PTG expects to roll out smart vending machines at PT stations across the country in the third quarter, said Mr Rangsun.
"The landscape of Thai petrol stations has changed over the past four decades, with more retail management applied, offering convenience stores and new services at stations," he said.
"People's travel behaviour is also changing, as they prefer to visit more small or second-tier cities."
Non-oil business at Thai petrol stations actually intensified during the pandemic, said Mr Rangsun.
More people have shifted to shop at community malls near their homes, leading the company to launch its first community mall called Max Park on a nine-rai plot on Boromratchonnanee Road.
Max Park features a petrol station and non-oil products and services such as a coffee chain, quick-service restaurants, a laundry, drugstore, convenience store and a co-working space.
The two-storey community mall is scheduled to start operation in July.
The company expects to open 8-10 Max Park branches on main roads such as Phahon Yothin, Mittraphap, Sukhumvit and Phetkasem.
For Max Mart convenience stores, roughly 200 customers visit each store per day. PTG wants to double that number within 1-2 years, he said.
According to Mr Rangsun, the company also plans to co-create and collaborate with partners to develop new products and services to lure more visitors.
PTG is scheduled to launch e-wallet services in July to open doors for local merchants and business partners to connect with its customers, he said.
Given all these new strategies, the company expects 50% of its net profit will stem from non-oil business in 2026, compared with only 10% last year, said Mr Rangsun.