PetroTrade links up with Korean firms
The Petroleum Trading Lao Public Company (PTL) signed a Memorandum of Understanding (MoU) for businesses cooperation and development with three sizable Korean firms in engineering, construction, banking and insurance on Thursday in Vientiane.
The S.Korean operators are Lotte Engineering and Construction Co. Ltd (Lotte E&C), Daewoo Engineering and Construction Co. Ltd (Daewoo E&C), and the Korea Development Bank and Korea Trade Insurance Corporation (KDB).
At the ceremony were Minister of Planning and Investment DrSouphanhKeomixay, PTL CEO ChanthoneSitthixay, the Lotte E&C Executive Vice President Yong Soo Han, Overseas Investment & Development Team of the Daewoo E&C Chief Sung Ju Yang, and Asia Pacific Project Finance of the KDB Head Seoung Woo Shin.
The MoU is for the cooperation and development of businesses between the PTL and the three Korean companies and “represents a significant milestone in the cooperation for business development and reinforcing the strong relations between the two nations, Laos and South Korea,” Chanthone said at the signing ceremony.
“It comes in accordance with the Lao government’s directives to increase cooperation and to develop foreign relations with our neighbouring countries in the region.”
The MoU will seek to foster stronger relations between the businesses in Laos and South Korea through the cooperation of the private sector to develop various industries and opportunities in Laos.
Cooperation with the three companies from South Korea will see assistance in technical expertise, modern technologies and resources in developing projects in various industries such as energy, infrastructure construction, hospitality, property development and other sectors.
“With the trust of our partners and colleagues, PTL will ensure that success will bear fruit for all parties from the signing of this MoU for the cooperation of business development and will further contribute to the development of the socioeconomic wellbeing of the Lao people,” he said.
PTL was founded in 2008 and listed on the Lao Securities Exchange in 2014 to attract Lao and foreign investors as shareholders.
It plans to expand business operations to neighbouring countries and the AEC presents a good opportunity for investment expansion in the Asean market.
The company is not only focused on the expansion of its market share locally.
It has representative offices in Thailand, Myanmar, China, Cambodia, Singapore and Malaysia, and hopes to have offices in all Asean countries to ensure regular fuel supply and connections and soon will open petrol stations in these countries.
It has become one of the major fuel and petroleum products distributors in Laos and is now also engaged in exports to other Asean countries.