OR's CEO expects oil prices in 2026 to remain similar to those in 2025. The business plan aims to attract 5 million daily visitors to PTT Station by 2028, with customers staying longer and spending more. The company believes the EV business will not replace the oil business.
On 27 Nov, Mom Luang Peektong Thongyai, CEO of PTT Oil and Retail Business Public Company Limited (OR), said OR will focus on investing in neighboring countries besides domestic investments, including Laos, Myanmar, and Cambodia, due to infrastructure advantages and business expansion opportunities. Myanmar appears to have passed its worst phase. In Laos, OR has PTT Stations in nearly every province, with promising business prospects. In Cambodia, there were originally about 200 PTT Stations, 90% dealer-operated and 10% company-owned, but due to recent conflicts, about 30-40 stations have rebranded, leaving approximately 150 stations. Similarly, Cafe Amazon coffee shops at all PTT Stations have contingency plans regardless of future developments.
He acknowledged that the conflict situation caused sales in Cambodia to drop about 50-60%, though these sales represent only 2-3% of OR’s total business profit. Nevertheless, OR’s investment in Cambodia is part of a major plan, with clear investment and business operation strategies expected by January 2026.
The OR CEO added that oil prices in 2026 are expected to remain around $60-70 per barrel, similar to current levels. Despite the rise of electric vehicles (EVs), oil prices at this level are unlikely to strongly motivate a switch to EVs. The prices remain acceptable for the general public and cause relatively less impact on oil companies.
Regarding the closure of Cafe Amazon branches in Vietnam, all outlets will cease operations. The success in Thailand could not be replicated in Vietnam due to strong local competitors and hidden costs. With only about 20-30 branches, the business was unprofitable and consistently losing money. However, there are currently no plans to close or open Cafe Amazon branches elsewhere.
Mom Luang Peektong said that 4% of OR's revenue comes from lifestyle businesses, accounting for 30-40% of total profit, with annual growth. The company aims to increase this revenue share further by using data analytics to better understand customer behavior.
Currently, OR holds about 36% market share in its business sector, with competitors declining. The next goal is to increase PTT Station visitors, targeting 5 million daily by 2028, up from 3.9 million now, and 4.3 million by 2026. The focus is on increasing customer traffic and time spent at stations to boost sales, not just fuel sales.
The OR CEO said OR views the EV business not as a replacement for oil but as an extension of its existing business structure to address clean energy needs and create new opportunities for PTT Stations. The stations will be upgraded to accommodate longer EV charging times, encouraging customers to spend more time on site.
1. Time Spent Expansion: Increasing customer service time from 5 minutes to 45 minutes by developing PTT Station and OR SPACE areas, along with additional services at stations.
2. Energy Transition to EV Charging: EV charging is a key function that attracts customers to stay longer at stations, connecting to a complete ecosystem within the station.
3. Diverse Food & Beverage Ecosystem: Expanding food and beverage brands from OR and partners, including Cafe Amazon, Khiang, Pacamara, new Quick Service Restaurants (QSR), and new brands to meet diverse customer needs.
4. Lifestyle & Daily Services: Adding health and lifestyle services such as Ob-Om Clinic, found&found, and Otteri to support daily usage and increase time spent at stations.
5. Traffic Enhancement to OR Ecosystem: OR SPACE will revamp OR’s ecosystem to support energy transition and create new revenue opportunities from interconnected businesses within service stations.