Asean to Drive 20% Growth in PTT's International Oil Sales
Posted on: Monday, 5 June 2006, 18:00 CDT
By Yuthana Praiwan, Bangkok Post, Thailand
Jun. 5--PTT Plc, the state-owned oil and gas conglomerate, projects its international oil sales will increase by at least 20 percent this year due to the opening up of new markets in Asean.
Surong Bulkul, assistant managing director for procurement, said PTT was aiming for sales volume of between 38 billion and 40 billion litres this year, a 20 percent increase from 31,859 million litres traded last year.
In 2004, sales stood at 25,692 million litres, a 24 percent increase from 2003.
Although oil prices have climbed significantly over the past couple of years they have not affected demand, and PTT has stepped up marketing activities, especially from its overseas branch offices in Singapore and Vietnam.
Singapore is a well-known regional finished oil trading centre where sales are very active, and demand in Vietnam is growing at a fast pace while its local refining capacity is inadequate.
PTT has opened several new branch offices in Asean and found that oil trading has increased sharply.
In Malaysia, PTT's sales volume reached 58 million barrels in the first quarter this year, compared with 52 million barrels traded the same period last year while in Singapore, sales volume was reported at 10 million barrels in the first quarter, double the same period last year.
Mr Surong said PTT's policy was to raise its regional sales volume in Indochina, Malaysia and Singapore.
PTT will also focus on the Philippines by the end of this year as demand for oil is expected to rise significantly there due to insufficient local oil refining capacity.
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Source: Bangkok Post
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