Asia/Pacific News
Thai Bunker Supplier Plans Expansion
Thai bunker supplier Sea Oil Plc. (Sea Oil) is expanding its business into catering and housekeeping services for oil and gas barges and platforms, Thai newspaper the Bangkok Post reports.
The company expects to increase its revenue 20 percent to 3 billion baht ($93 million) this year through a combination of added offerings and a growing fuel market.
It is also planning expansion into other nations in the region, including Indonesia, Vietnam, and Malaysia.
Sea Oil raised 242 million baht ($7.5 million) in September and initiated a listing on the Stock Exchange of Thailand.
"After gaining a lot of liquidity from the stock market listing, we are ready to expand the business," said Chairman Apisit Rujikeatkamjorn.
In addition to fuel, the company provides provisions, raw materials, water, tools, and equipment for the vessels it serves, and Apisit said the revenue from these auxiliary services has risen to 10 percent of its total from 4 percent.
