The SET-listed Siamgas and Petrochemicals Plc (SGP) has set a target to grow its revenue by more than 30% this year to 50 billion baht with an aggressive expansion in Asia.

SGP, the second-biggest distributor of liquefied petroleum gas (LPG) domestically, achieved its aim to be the largest in East Asia after acquiring two Chinese distributors, said vice-chairman Worawit Weeraborwornpong.

But the huge jump in revenue may not translate to profit, as volatile gas prices caused 2011 net earnings to fall year-on-year, said Jintana Kingkaew, the deputy managing director.

But thanks to rising prices, SGP should book a huge gain first-quarter gain.

The contract price has risen from US$700 a tonne to as high as $1,100 in these first two months of the year.

This year, the company has stocks of 50,000 to 60,000 tonnes and plans to keep at least 30,000 tonnes.

SGP made bold steps in China by acquiring BP Zhuhai LPG Ltd in December 2010 and setting up a new entity _ Sino Siam Gas and Petrochemicals.

The acquisition of Chevron Ocean Gas and Energy Ltd followed last year, with a name change to Siam Gas Ocean and Energy (Sogel).

The combined storage of 300,000 tonnes for the two projects has made SPG the biggest exporter of LPG in China.

"If we limit ourselves to Thailand, we'll never catch the strong market leader PTT," said Mr Worawit.

"But in foreign lands, we have great opportunity with plenty of room to grow."

Export sales will rise to 70% of total revenue this year from 50% last year.

Mr Worawit said the company's facilities will be linked via the South China Sea to increase export volume from Zhuhai in southern China to Vietnam.

The unit in Zhuhai can generate monthly sales of 20,000 to 30,000 tonnes.

Sogel will ship mainly to Taiwan, South Korea and Vietnam.

"Each international unit has been targeted to break even within seven years, but Sogel, which is different, has returns set at 15%," said Mr Worawit.

He said SGP also plans to look upstream, with exploration in the Middle East. These projects may come later after the aggressive moves of recent years.

"We'll have to focus on current projects first to ensure target achievement," said Mrs Jintana.

SGP shares closed yesterday on the SET at 15.90 baht, up 70 satang, in trade worth 194 million baht.