PTT Oil and Retail Business (OR) maintains its 92.5 billion baht investment plan for 2022 despite the sharp fluctuations in world oil prices, driven by the Russian-Ukrainian war.
The company will continue with its capital projects, including the expansion of the Ohkajhu organic catering business, the Cafe Amazon and Pacamara Coffee House branches, as well as the continued development of electric vehicle (EV) charging facilities and l increase in the number of its service stations.
Investments in oil and non-oil companies will continue without delay, Phichin Aphiwantanaporn, senior executive vice president for finance, told investors via an online conference call.
OR has revised its estimate of Dubai’s crude oil price to $107 a barrel this year, from $78.6 a barrel in its previous forecast, to use as a new benchmark price for its oil business.
“We will closely monitor global incidents that may affect the direction of our business,” Phichin said.
Under its 92.5 billion baht capital budget, 34 billion baht will be allocated to oil activities while the rest will go to the non-oil and clean energy segments.
The company said earlier that it wants to increase the number of its gas stations nationwide by 129 from a total of 2,439 gas stations last year.
In the non-oil segment, OR plans to add 389 new Cafe Amazon branches in Thailand and 129 branches overseas, compared to a total of 3,931 outlets in Thai and international markets last year.
Although Cafe Amazon’s running costs are rising, the company will be able to maintain gross profit through cost-cutting programs, Phichin said.
OR plans to open 64 Ohkajhu food outlets at gas stations and inside the Amazon cafe this year.
The company will also add 13 new cafes under the Pacamara Coffee House brand in 2022.
In the EV segment, OR will add 200 EV charging points at its gas stations this year and 150 EV charging points located elsewhere.