PTT Plc, Thailand’s state-owned oil and gas company, expects its lubricants sales in 2016 to grow by as much as 20% due to aggressive promotional campaigns in new export markets across Asia and Africa, according to the Bangkok Post. New products are also projected to help increase domestic sales. According to Buranin Rattanasombat, executive vice president, lubricants business, the company has allocated almost BHT 100 million (USD 2.8 million) on R&D each year to develop new market segments.
PTT’s lubricants sales volumes are expected to reach nearly 200 million litres this year, up from 170 million litres last year, he said. This should boost its lubricants revenues to BHT 12 billion (USD 343 million) this year, from BHT 10 billion (286 million) last year.
By 2020, PTT expects its lubricants sales volume to top 300 million litres per year, boosting revenues to BHT 50 billion (USD 1.4 billion).
PTT’s international sales drive has helped boost revenues from Cambodia, Laos, Myanmar and Vietnam, which together represent 60% of its foreign sales.