Saisan acquired 49% shares of PAP Gas & Oil Co., Ltd. (PAP) which is a Thai company engaging in the LPG business.
On February 24, Saisan held an inauguration ceremony in Bangkok to start its LPG business in Thailand.
　
PAP was established in January 2009 to sell gas and oil products, headquartered in Bangkok, having 4 LPG stations in Chonburi, Nakhorn Ratchasima and Ayuthaya provinces, 5 LPG filling/storing facilities and 10 gas retailing depots. As of 2016, PAP retained the No. 4 position of the market share as a private company except for PTT Public Company Limited. The capital is THB520 million (equivalent to JPY1.82 billion). An estimated sales amount in 2016 was THB2.457 million (equivalent to JPY8.4 billion) and the distributed volume of LPG was about 100,000 tons.

According to Saisan, the present scale of LPG market in Thailand is 4.17 million tons per annum, which can be regarded as the most matured market of the Southeast Asian countries. However, it is expected that the demand for LPG will keep expanding for the increasing plants taking into account the fact of continual incoming of foreign companies including Japanese ones. In addition, thanks to the de-regulation of so-far restricted import/export transaction done only by PTT, it is expected the diffusion of LPG will be promoted under the Article 7 (license to deal with petroleum products) granting licensees to import and export independently. At present only about ten companies are granted for Article 7 in Thailand and PAP is one of the granted.
　
Saisan has already advanced to Vietnam, Indonesia and Cambodia, and has been planning to establish a business base in Thailand which is deemed as the core of ASEAN for the purpose to expand further its business in the Southeast Asian area.

Taking the opportunity of the liberalized trade of LPG enacted in last August, Saisan was selecting business partners and has attained to the capital alliance with PAP Gas.

PAP was mainly engaged in the LPG stand business, but due to the declined price of oil, the price-wise superiority was collapsed. Since no further growth was foreseen, PAP was looking for a way to convert its business to the field of wholesale/retailing of the gas for industrial and household use. After repeated discussions, PAP has come to conclude the agreement for a joint business.

　The company name will be changed into “PAP Gas One” after clearing further procedures required. It will be the Saisan’s ninth business base globally, fourth one in ASEAN following those in Vietnam, Indonesia and Cambodia.