Thai-owned oil and gas firm PTT (Cambodia) Limited plans to close its gasoline service stations here in the near future, PTT Senior Executive Vice President Apisit Rujikeatkamjorn was quoted by Dow Jones as saying in Bangkok Monday.
Apisit Rujikeatkamjorn said high operating costs would force the company, which is Thailand’s largest petroleum firm, to close service stations in China, Laos, the Philippines and Cambodia, Dow Jones reported.
“We have to admit that we’re not quite competitive in those markets, which require local expertise. We decide to sell our assets in those countries,” Apisit Rujikeatkamjorn told Dow Jones.
PTT, which has operated five stations here since 2001, expects to earn hundreds of thousands of dollars from selling those assets, he said.
PTT General Manager Pattana Nomjitjiam said he had no details and had only learned informally of the planned closures.
PTT originally opened stations in Cambodia in 1995, but closed them in 1998 in order to build a depot in Sihanoukville.
PTT (Cambodia) Limited imports its petroleum through the seaport at Ream.
The PTT station on Russian Boulevard near Pochentong International Airport was the first PTT service station to open outside of Thailand when it was inaugurated in 1995.