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PTT Assesses Opportunities for Non-Oil Subsidiary GML

PTT Assesses Opportunities for Non-Oil Subsidiary GML

National oil and gas conglomerate PTT Plc is actively reviewing its investment strategies in non-oil sectors, including logistics services unrelated to petroleum products.

The company is evaluating potential adjustments to its business plans for its wholly-owned subsidiary, Global Multimodal Logistics (GML), established in 2022 to provide logistics services both domestically and internationally.

According to Chaya Chandavasu, PTT’s Senior Executive Vice-President for Corporate Strategy, it’s essential for the parent company to assess the competitiveness of non-oil ventures before finalizing any decisions.

GML operates under Siam Management Holding Co., which is fully owned by PTT. The creation of GML aligns with PTT’s strategy to enter rapidly growing sectors and corresponds with Thailand’s 13th National Economic and Social Development Plan for 2023-2027, which emphasizes modern logistics and infrastructure growth.

GML’s primary services include rail transport, land and air logistics, cold storage management, and logistics leasing, all aimed at enhancing competitiveness and lowering logistics expenses.

Chaya noted that PTT remains committed to investing in its logistics operations related to oil, gas, and petrochemical products. The company is progressing with the third phase of developing logistics facilities at two deep-sea ports in Laem Chabang district in Chon Buri and Map Ta Phut in Rayong. These facilities are designed to facilitate oil transportation and operate as a key depot for liquefied natural gas.

The facility in Laem Chabang, with an investment of 114 billion baht, is scheduled to be operational by 2027, while the Map Ta Phut facility, estimated at 55.4 billion baht, is also set to start operations in 2027.

“We will maintain our focus on businesses that we specialize in and those capable of competing effectively,” he stated.

Additionally, PTT is engaged in the electric vehicle (EV) sector through its subsidiaries. However, the company has recently made the decision to divest its shares in Horizon Plus, a joint venture intended for domestic EV production, due to increased market competition. This shareholder-approved decision means that Horizon Plus will no longer operate as a subsidiary of PTT.

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