PTT Polymer Marketing (PTTPM), a petrochemicals marketing arm of the PTT Group, is going ahead with its plan to achieve Bt100 billion in annual earnings by 2015 through a financial agreement with Bangkok Bank.
The deal, which was signed yesterday, binds BBL to provide financial and business support to PTTPM customers and dealers across Asia.
"Customers and dealers in other parts of Asia can take advantage of this service, which will provide them with the liquidity they need to expand their sales of PTTPM products. This way, we can support PTTPM as it expands outside Thailand," BBL president Chartsiri Sophonpanich explained.
Earlier, the bank had agreed to provide supply chain financing to PTTPM dealers within Thailand.
Under the newest deal, customers and dealers will be given improved access to liquidity, a reduction in delivery time as well as lower fees. No letter of credit would be required and customers can choose to do their transactions in any currency, which would make the process even more efficient.
PTTPM's marketing director Pramin Phantawesak said the company aims to raise its annual sales to Bt100 billion and hopes to become an international polymer trading house by 2015. PTTPM recently established representative offices in several Asian countries including Vietnam and China, as well as a sub-branch in Dubai. Bangkok Bank's branches in Thailand and overseas will help PTTPM achieve its growth target.
To maintain a robust growth of its business, the company had earlier cooperated with Kasikornbank to develop what it claims is the world's first electronic letter-of-credit system, providing greater convenience and accuracy for customers. Through BBL's Bualuang iSupply system, dealers can access online dealer payments and financial service.
PTTPM senior manager Narongchai Pisutpunya said earlier the electronic system would enhance productivity in these areas by up to six times and reduce operating costs by Bt25 million per year.
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