PTT Oil and Retail Business Public Company Limited (SET: OR) announced on Monday that its joint venture company, Phnom Penh Aviation Fuel Service Co., Ltd. (PPAFS), has signed a Concession Agreement dated 3 June 2022, together with Cambodia Airport Investment Company Limited (CAIC) to develop a new international airport in Phnom Penh from the Cambodian government.
OR’s subsidiary PTTOR International Holdings (Singapore) (SG HoldCo), along with China National Aviation Fuel International Holdings Limited (CNAF) from the People’s Republic of China, and Total Energies Marketing (Cambodia) Co., Ltd. (TOTAL), a Cambodia-incorporated entity within the Total Energies company, have established a joint venture company, in which all three parties will hold stakes at equal proportions at 33.33 percent each, in bid to invest in an aviation refueling service system at the New Phnom Penh International Airport in Cambodia.
The source of investment will be from loans and capital from shareholders, where OR will invest in the amount of no more than USD 18.20 million.
The objective of this joint venture is to build competitiveness and increase the capability of providing aviation refueling services abroad while also maintaining opportunities and rights to sell aviation fuel in Cambodia.
The Concession Agreement with Cambodia Airport Investment Company Limited (CAIC), a company awarded a concession to develop a new international airport in Phnom Penh from the Cambodian government, has granted PPAFS a concession right to become an operator of an aviation refueling service system at the New International Airport in Phnom Penh.