Petron Malaysia drafts $2b expansion plan

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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. “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....

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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply