PTT Oil and Retail Business Plc (OR) plans to allocate capital spending worth 31.2 billion baht to fuel businesses in Thailand and overseas, with the largest portion of money going to non-oil businesses.
Up to 45% of the budget, or around 14 billion baht, would go to non-oil and lifestyle businesses, including expanding the number of OR's Café Amazon outlets by 400 as well as increasing the number of Texas Chicken outlets in 12 countries, said Disathat Panyarachun, chief executive of OR.
The company will seek new business partners to push ahead with lifestyle businesses, including health, wellness and tourism.
OR is renovating its petrol stations in order to make them complement the concept of its lifestyle businesses. Part of the renovation work is scheduled to be finished within May and the renovation is expected to be completed in this year's third quarter.
"We will focus on the non-oil segment, thanks to the high profit margin in food, beverage and service businesses, said Mr Disathat, adding that the firm's good financial health is also crucial in driving forward its businesses in this segment.
Some 22% of capital spending will support businesses in the mobility segment, including new petrol stations and electric vehicle charging outlets, said Mr Disathat.
OR is focusing more on clean energy to achieve a carbon neutrality target, a balance between carbon dioxide emissions and absorption, within 2030.
The company will allocate 17% of the budget to support innovations that will pave the way for the development of future businesses under its inclusive growth policy.
The policy aims to help businesses run by startups and small and medium-sized enterprises overcome hindrances and enjoy good business outcomes together.
The remaining 16% of the capital expenditure will go to new potential business overseas.
The 2023 budget is part of capital expenditure worth 101.5 billion baht, to be used between 2023 and 2030.
Last year, OR had a total of 2,551 petrol stations in Thailand and 11 other countries.
The number of its Café Amazon coffee shops was 4,253, with daily sales volume standing at 381 million cups.
There were also 2,244 convenience stores located at OR's petrol stations.
In 2022, OR commanded a 43.2% market share in Thailand's oil retail segment.