PTT Oil and Retail Business Public Company Limited (OR) announced that OR’s Board of Directors at meeting No. 12/ 2563 on 23 December 2020 passed a resolution for OR to submit the offer to provide aviation fuel services at U-Tapao International Airport, which is one of the projects of Eastern Economic Corridor (EEC) in the form of a joint venture between OR and Bangkok Aviation Fuel Services Public Company Limited (BAFS). OR and BAFS will hold 45% stake and 55% stake, respectively, in the joint venture with an initial investment of THB 2,337 million, while the sources of funds are from loans and capital from shareholders. OR will invest no more than THB 545.40 million.
The objective of the joint venture is to enhance aviation fuel service capabilities as well as competitiveness in order to support the growth of EEC.
On 30 June 2021, the Eastern Economic Corridor Office of Thailand (EECO) issued the Letter of Intent to award the joint venture between OR and BAFS for providing aviation fuel services at U-Tapao International Airport. The establishment of Joint Venture under the name Global Aero Associates Company Limited is expected to reach completion within August 2021.