PTT Oil and Retail Business (OR) is maintaining its 92.5-billion-baht investment plan for 2022 despite the high fluctuations of global oil prices, driven by the Russia-Ukraine war.
The company will continue its investment projects, including expansion of the Ohkajhu organic restaurant business, Cafe Amazon branches and Pacamara Coffee House as well as pushing ahead with electric vehicle (EV) charging facility development and increasing the number of its petrol stations.
Investments in both oil and non-oil businesses will continue without delay, Phichin Aphiwantanaporn, senior executive vice-president for finance, told investors via an online conference.
OR has revised its estimate for the Dubai crude oil price to US$107 per barrel this year, up from $78.6 per barrel in its earlier prediction, for use as a new reference price for its oil business.
"We will closely monitor the global incidents that may affect our business direction," said Mr Phichin.
Under its 92.5-billion-baht investment budget, 34 billion baht will be allocated to oil business while the remainder will go to non-oil and clean energy segments.
The company earlier announced it wants to increase its petrol station numbers by 129 nationwide, up from a total of 2,439 filling stations last year.
In the non-oil segment, OR plans to add 389 new Cafe Amazon branches in Thailand and 129 branches overseas, up from a total of 3,931 outlets in the Thai and international markets last year.
Though costs of running Cafe Amazon are rising, the company will manage to maintain gross profit through cost-cutting programmes, said Mr Phichin.
OR plans to open 64 Ohkajhu food outlets at petrol stations and inside Cafe Amazon this year.
The company will also add 13 new coffee shops under Pacamara Coffee House brand in 2022.
In the EV segment, OR will this year add 200 EV charging outlets at its petrol stations and 150 EV charging facilities located elsewhere.