PTT evaluating prospects for non-oil subsidiary GML
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PTT evaluating prospects for non-oil subsidiary GML

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Construction of an LNG receiving terminal continues at Nong Fab in Rayong's Map Ta Phut.
Construction of an LNG receiving terminal continues at Nong Fab in Rayong's Map Ta Phut.

National oil and gas conglomerate PTT Plc continues to consider its investment plans in non-oil businesses, including logistics unrelated to petroleum products.

PTT is still deciding whether to adjust its business plans for wholly-owned subsidiary Global Multimodal Logistics (GML), which was established in 2022 to provide domestic and international logistics services.

The parent firm needs to explore the competitiveness of non-oil businesses before making a decision, said Chaya Chandavasu, senior executive vice-president for corporate strategy at PTT.

PTT operates GML through its wholly-owned Siam Management Holding Co.

The establishment of GML was part of PTT's plan to tap into businesses expected to post rapid growth, aligning with the 13th National Economic and Social Development Plan for 2023 to 2027. The five-year plan promotes modern logistics and infrastructure development.

Principal services include rail transport, land, air, cold storage management and logistics lease management to enhance competitiveness and reduce logistics costs.

Mr Chaya said PTT would continue to invest in its logistics business related to oil, gas and petrochemical products.

The company is working on the third-phase development of logistics facilities at two deep-sea ports in Chon Buri's Laem Chabang district and Map Ta Phut in Rayong. The facilities will help with oil transport and serve as a key depot for liquefied natural gas.

The 114-billion-baht facility in Laem Chabang is scheduled to commence operations by 2027. The facility in Map Ta Phut, estimated at 55.4 billion baht, is also scheduled to start operating in 2027.

"We will only focus on businesses we specialise in and those that can compete with rivals," he said.

Electric vehicles (EVs) is another non-oil business in which PTT has subsidiaries.

The company earlier announced it decided to divest its shares in Horizon Plus, a joint venture set up to produce EVs domestically, following tougher market competition. The decision, which was approved by shareholders of Horizon Plus, means it will cease to be a PTT subsidiary.

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