The head of Thailand's biggest gas station network has $1.5 billion that says motorists will soon be stocking up on a different kind of fuel – coffee.
These strategies are dependent on mass-scale take-up of electric vehicles , now being promoted by governments and international organizations as one key to capping and ultimately reducing the emissions that stoke climate change. To be sure, PTTOR's expansion plans beyond oil require heavy investment, with oil business still accounting for 90% of its revenue. Some point out that its dominance within Thailand won't do anything per se to further its international ambitions.
COFFEE, ANYONE? A cup of Cafe Amazon coffee is pictured in Singapore's Jewel Changi Airport, March 27, 2021.Jiraporn said PTTOR's plan to invest 74 billion baht over 5 years to expand will be heavily skewed toward non-oil operations, which last year carried an operating profit margin of nearly 20%, compared to a skinny 1% to 2% for oil sales.
PTTOR's investments beyond coffee include 500 million baht for a 20% stake in an organic food restaurant, Ohkajhu, and it has announced a partnership for cloud kitchens – spaces where restaurateurs cook meals solely for delivery – with a food delivery platform Line Man Wongnai.