The privately owned Kanbawza Group of Companies (KBZ), of Myanmar, singed Joint Venture agreements with the Thai state-owned PTT Public Company (PTT) to invest in fuel oil storage and retail distribution in Myanmar on 9th June at Lotte Hotel in Yangon.
Two subsidiaries of KBZ, the Brighter Energy Company Ltd. and the Brighter Energy Retail Company Ltd. have made two agreements with PTT subsidiary PTT Oil and Retail Business Public Co. Ltd. (PTTOR).
Under a Development of Oil Terminal agreement, the two will construct the largest fuel oil storage tank in Myanmar and a liquefied petroleum gas (LPG) filling plant, with the capacity of one million barrels of oil and 4500 metric tonnes of LPG which will be completed by 2021.The agreement also includes management of jetty, oil storage terminal and wholesale business of petroleum products located in southern Yangon’s Thilawa area.
Under a separate Retail Business Expansion agreement, they will open 70 petrol filling stations across the country each filling station will include a Café Amazon, a minimart and a money exchange counter by 2023.
According to U Kaung San, managing director of Brighter Energy Co and Brighter Energy Retail Co., the total investment is expected to be over USD$200 million.
PTT and KBZ Group also plan to upgrade Nilar Yoma Filling Stations and to open10 new fuel stations in Yangon and Mandalay.
PTTOR is one of Thailand’s largest oil and LPG distributors, with over 2,000 filling stations in Thailand, Cambodia, Laos and the Philippines.
KBZ Group of Companies is one of the largest privately-owned companies in Myanmar, with investments in mining, banking, finance, aviation, insurance, manufacturing, agriculture, real estate, trading, healthcare, tourism and hospitality. Its main assets include KBZ Bank, which holds a leading market share of 38 percent; I-KBZ; Air KBZ; Myanmar Airways International and The Kempinski Hotel (NPT).
Reference - myanmartimes
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