Thai Energy Giant Set to Invest US$100 Million in Cambodian Oil Depot

• 19 August 2023
• Local News
• 3432 Views

A well-known Thai gas company SET-Listed PTT Oil and Retail (OR) is poised to infuse approximately US$100 million into the construction of a substantial oil depot in Cambodia. This bold venture, announced by Chairman and CEO Disathat Panyarachun, comes as a testament to OR’s commitment to both Cambodia’s economic resurgence post-pandemic and its overarching expansion strategy.

The genesis of this endeavour was marked by the signing of a concession agreement in July 2022 with Cambodia Airport Investment Co., the entity responsible for the ambitious Takhmao Techo International Airport project, according to Mr Disathat.

Shedding light on the essence of the oil depot’s establishment, Mr Disathat emphasised its pivotal role in catalysing Cambodia’s economic revival. In tandem with the nation’s recovery from the pandemic’s repercussions, this strategic investment aligns seamlessly with OR’s blueprint of earmarking more than US$900 million for expansive ventures across Thailand and international markets. (Read more)

The year 2021 bore witness to a pivotal collaboration between OR, China National Aviation Fuel International Holdings, and Total Energies Marketing (Cambodia), which gave birth to Phnom Penh Aviation Fuel Service Co. This joint venture embarked on the mission of steering the aviation refuelling domain at Phnom Penh’s new airport. Evidencing their steadfast commitment to this mission, Mr. Disathat revealed that an advanced jet refuelling facility is on the cusp of completion, slated for unveiling in the ensuing year.

The pursuit of innovation doesn’t halt aviation refuelling; OR is contemplating the introduction of liquefied petroleum gas for industrial applications in Cambodia. However, this initiative awaits official endorsement to be implemented.

An impressive milestone that underscores OR’s enduring commitment to Cambodia is the network of gas stations, which has burgeoned to an impressive tally of 170 stations dotting the nation’s road network.

In an unprecedented diversification, OR recently unveiled a strategic partnership with K-Nex Corporation, a renowned purveyor of washing machines and tumble dryers. This pioneering collaboration under the Otteri Wash & Dry brand promises to revolutionise laundry services in Cambodia.

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• Energy and Environment