PTT Lubricants seeking cooperation with Vietnam Railway Corporation

At last week’s meeting between PTT Lubricants team and VRC. PTT Lubricants’s sole authorized distributor, Viet Thai Imex., JSC, representative of locally-owned Hanoi-based, said PTT Lubricants was “eager to link a cooperation deal with VRC as soon as possible, so that it can provide its high-quality lubricants to VRC.”

To seek such cooperation with VRC, PTT has sent the trial lubricants product to test with real locomotive since last year.

“Results from the first stage of trial running are very good, but more trial will be needed. After all the trials are completed, we will officially consider the use of PTT Lubricants,” said VRC’s general director Nguyen Dat Tuong.

“PTT wants VCR to be one of our big partners in Vietnam. In our overseas business strategy, VRC must be an important partner,” said PTT Lubricants’s executive vice president Kris Imsang. “Our lubricants are internationally-recognised and are quite suitable to VRC’s locomotives, with competitive prices and services.”

At present, VRC is using lubricants from global brands such as Caltex, Shell and Castrol. “If your products have competitive prices and services, we can accept them. I do believe that we can cooperate with each other,” Tuong said, adding that VRC also wanted to cooperate with PTT in biofuels.

At the mean time, PTT’s lubricants are being used in many nations worldwide, and occupy over 40 per cent of Thailand’s lubricant market share. This company is also the sole lubricant supplier for State Railway of Thailand.

PTT, which is a Thai state-owned oil and gas company, PTT is a large Global company, rank 95^th on Fortune 500, its annual revenue from all of its business sectors totals $80 billion. Recently announced to invest around $27 billion into building an oil refinery in south-central Binh Dinh province.

PTT has been operating in Vietnam for 20 years, with big partners like PetroVietnam and PetroVietnam Gas Corporation in LPG business and Trading business.

Commenting on PTT Group’s project to build a giant oil refinery in Binh Dinh, which has been agreed for feasibility study by Vietnam’s prime minister which would definitely take time to evaluate by PTT’s refinery and petrochemical team.

After three years of negotiations, in March 2013, Binh Dinh provincial People’s Committee and PTT Group clinched a memorandum of understanding on implementing this project in the province’s Nhon Hoi Economic Zone.

If this project came true, it would be Vietnam’s biggest-ever foreign direct invested project.