BANGKOK: Thailand's PTT Oil and Retail Business (PTTOR) plans to invest 93.5 billion baht ($2.9 billion) over the next five years to expand its food and beverage business, utilising its big gas stations network, its chief executive said on Monday.

About 42% of capital expenditure will be used to expand its non-oil business including adding more coffee shops and restaurants Jiraphon Kawswat told a virtual news conference.

Part of the investment will also go to technology to help analyse customer data and identify new opportunities, she added.

The investment plan seeks to increase the proportion of income from its non-oil and overseas businesses and reduce the contribution from its gas stations.

Thai economy returns to growth in Q4, but recovery in 2022 seen slow

The firm has a network of over 2,000 gas stations and also owns Thailand's largest coffee franchise, Cafe Amazon, with about 3,000 stores, along with bubble tea brands, fried chicken and sushi bars.

Jiraphon plans to reduce oil business contribution to EBITA (earnings before interest, taxes, depreciation) from 76% to 45% while growing its food and beverage and other non-oil earnings.

This year, the company also plans to triple the number of electric vehicle (EV) charging stations in its gas stations to reach 300 and add another 150 with commercial partners, she said, aligning with the government's policy to promote EV use.

The company is looking for local partners in other markets where it already operates like Cambodia, Laos and the Philippines for potential joint ventures.

PTTOR is the consumer arm of the state-owned energy giant, PTT Pcl, which has a joint venture with Taiwan's Foxconn to build EVs in Thailand.