Petron Malaysia drafts $2b expansion plan

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petronPetron Malaysia, a subsidiary of Philippine oil refiner Petron, plans to invest at least $2 billion in the next 10 years to expand its operations in Malaysia, the company’s top official told reporters in Mandaluyong City on October 29.

“Our operation in Malaysia is very stable because there is guaranteed return on investment. We will invest at least $2 billion in the next 10 years,” Ramon S. Ang, Petron chairman and chief executive officer, said when asked for updates on the company’s operations there.

Petron gained foothold in Malaysia after the firm acquired ExxonMobil Corp.’s downstream business in April 2012.

However, Ang refused to give details of expansion plans, citing a “very competitive environment,” but he said Petron currently has 560 stations in Malaysia. Last August, the company reported that it is still in the process of rebranding its service stations in Malaysia, with 200 out of the 560 stations already adopting the Petron brand. The company also operates an oil refinery in Port Dickson.

Ang also said that its headquarters in the Philippines has executed a “massive expansion programme”.

“Petron is undergoing massive expansion and modification. We will be finished by end-2014,” he said, adding that by the end of 2014, Petron would be able to produce Euro IV products, an accepted European emission standard for vehicles.

The upgrade of its Philippines refinery would also allow Petron to produce 180,000 barrels of oil per day from an average of 100,000 barrels today, and allow the conversion of 97 per cent of crude oil into finished products from the current 67 per cent.

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Reading Time: 1 minute

Petron Malaysia, a subsidiary of Philippine oil refiner Petron, plans to invest at least $2 billion in the next 10 years to expand its operations in Malaysia, the company’s top official told reporters in Mandaluyong City on October 29.

Reading Time: 1 minute

petronPetron Malaysia, a subsidiary of Philippine oil refiner Petron, plans to invest at least $2 billion in the next 10 years to expand its operations in Malaysia, the company’s top official told reporters in Mandaluyong City on October 29.

“Our operation in Malaysia is very stable because there is guaranteed return on investment. We will invest at least $2 billion in the next 10 years,” Ramon S. Ang, Petron chairman and chief executive officer, said when asked for updates on the company’s operations there.

Petron gained foothold in Malaysia after the firm acquired ExxonMobil Corp.’s downstream business in April 2012.

However, Ang refused to give details of expansion plans, citing a “very competitive environment,” but he said Petron currently has 560 stations in Malaysia. Last August, the company reported that it is still in the process of rebranding its service stations in Malaysia, with 200 out of the 560 stations already adopting the Petron brand. The company also operates an oil refinery in Port Dickson.

Ang also said that its headquarters in the Philippines has executed a “massive expansion programme”.

“Petron is undergoing massive expansion and modification. We will be finished by end-2014,” he said, adding that by the end of 2014, Petron would be able to produce Euro IV products, an accepted European emission standard for vehicles.

The upgrade of its Philippines refinery would also allow Petron to produce 180,000 barrels of oil per day from an average of 100,000 barrels today, and allow the conversion of 97 per cent of crude oil into finished products from the current 67 per cent.

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