YANGON-With the aim to build oil storage terminal and Retail Business Development, Brighter Energy Company and Brighter Energy Retail Company under KBZ Group signed a contract with Thai State-owned PTT Oil and Retail Business Public Co;Ltd (PTTOR) at Lotte Hotel in Yangon yesterday.
The development of an Oil Terminal includes procurement of fuel products, jetty management, oil storage building, liquefied petroleum gas (LPG) filling plants and retail of petroleum products.
The oil storage terminal will become the largest in Myanmar and can store one million petroleum barrels and 4,500 metric tons of LPG simultaneously.
As part of Retail Business Expansion, PTT Station, liquefied gas and Cafe Amazon will be continued and expanded under the already successful PTTOR brand.
“Nilar Yoma Company had distributed the petroleum products in retail. For wholesale business, we need an oil storage terminal. So, we established Brighter Energy Company for construction of the oil storage terminal. For that, we need international partnerships. That’s why our Chairman found the business partner PTT Company which is now carrying out Yadana, Yetagun and Zawtika gas fields. The PTT is also investing in businesses around South-east Asia and they have qualified staffs. Their track record is great, especially concerning the energy sector in both countries. So, our Chairman offered PTT with a joint-venture agreement for oil storage terminal development and retail business expansion,” said Senior Managing Director Nyo Myint of KBZ Group.
PTT and KBZ Group also plan to upgrade Nilar Yoma Filling Stations and to open10 new fuel stations in Yangon and Mandalay. They plan to expand businesses by opening 70 PTT Stations by 2023.
Upgrades to PTT Station include Café Amazon, Mini Mart, Auto Service Center, Money exchange counter and public restroom as befitting of an international service companies which will also create more job opportunities for over 2,000 people, according to Auttapol Rerkpiboon, Chairman of PTTOR.
The initial investment for the oil terminal and retail business development is expected to be over US$200 million.
