Two major Lao and Thai fuel operators, PTL Holding Co Ltd (PTLH) and PTT Oil and Retail Business Pcl (PTTOR), have signed a Memorandum of Understanding on joint development and potential investment in a fuel tank farm and logistics operation at the Vientiane Logistics Park in the capital of Laos.
The deal was signed in Vientiane last week by PTTOR’s senior executive vice president for international marketing, Songpon Thepnumsommanus, and PTLH CEO, Chanthone Sitthixay.
PTLH and PTTOR have decided to enter into the MoU as both parties wish to explore opportunities and develop potential collaboration in relation to joint investment in the industrial zone known as Vientiane Logistics Park, which is located in the village from Dongphosy, Hadxaifong District, Vientiane, Laos.
PTLH and PTTOR would like to jointly conduct work, cooperation and feasibility studies in logistics, trade and oil supply from Thailand to Laos and South China, and other areas agreed by both parts.
The Memorandum of Understanding records the “understanding and fundamental principles” established by the parties to study, assess and assess the feasibility and potential for joint development of the project. Both parties and their affiliates will cooperate “in good faith” and will fully discharge their obligations for the effectiveness of the MoU.
The MoU will be a frame of reference for jointly conducting work, cooperation and feasibility studies and similar forms of cooperation to assess the feasibility and potential development of the project with respect to investment aspects. , financial, commercial, legal and related.
Part of the PTLH, Petroleum Trading Lao Public Co (PetroTrade) was founded in 2008 with the vision of providing quality oil at a fair price in all areas for a better quality of life. This inspiration came from the first-hand experiences of the founder, who realized that access to fuel in remote areas is usually a problem and causes significant economic damage.
PetroTrade was registered as a public company and listed on the Laos Securities Exchange (LSX) in 2014 to attract Lao and foreign investors as shareholders, becoming the first local company in the petroleum sector to be listed on the stock exchange.
It envisions future opportunities where economic competition will become much more intense due to the implementation of the ASEAN Economic Community (AEC) and the increase in domestic energy consumption in response to government policy. aimed at stimulating national economic growth and transforming Laos from a landlocked country into a land hub of the region.
It is the second private oil company in Laos to have a modern oil quality monitoring laboratory, accredited by ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2015.
VIENTIANE TIMES/ASIAN NEWS NETWORK