Bangkok--19 Apr--PTT
Today (19 April 2007) Mr. Prasert Bunsumpun, President of PTT Public Company Limited (PTT) chaired the Signing Ceremony of the Sale and Purchase Agreement to acquire ConocoPhillips’ entire fuel retail business in Thailand. The US$275 million acquisition is in line with PTT’s business strategy to increase the number of its premium service stations, as well as to expand its retail distribution network to best serve PTT’s customers.
Mr. Prasert said the JET Service Stations are located in attractive locations that help fulfil PTT’s network upgrading strategy. The agreement today signifies the close cooperation between PTT and ConocoPhillips on this transaction.
Mr. Chaivat Churitti, Senior Executive Vice President of PTT’s Oil Business Group, revealed that PTT will set up a wholly-owned subsidiary to acquire the entire shares of ConocoPhillips’ retail business, which includes JET-branded stations and Jiffy-branded convenient stores in Thailand. PTT will also retain all existing local work force of JET/Jiffy. In addition, PTT expects to reach a licensing agreement to use the JET/Jiffy brands for another 2 years in order to maintain the high operating standards of the network.
The acquisition of all 147 JET stations will help strengthen PTT’s retail segment and given the majority of JET stations are located in prime areas, will further enhance PTT’s service coverage area. Where there are JET and PTT stations in close proximity, the stations will potentially be upgraded to offer alternative fuels such as natural gas for vehicles (NGV), explained Mr. Chaivat.