Petron to invest $1 B in Malaysia

MANILA, Philippines - Petron Corp., the country’s biggest oil refiner, is investing $1 billion to boost its Malaysian refining and marketing operations, company chairman and chief executive officer Ramon Ang said.

On Thursday, President Aquino led the inauguration of Petron’s new Jalan Selayang station, which is in the Selangor-Kuala Lumpur border in Malaysia.

Ang said President Aquino’s presence during  the event is a reflection of his support for increased Filipino investments in the country.

“We are privileged and deeply honored by the visit of President Aquino. His visit inspires us to create more value for our customers and stakeholders while playing a major role in serving the energy needs of Malaysia,” Ang said in a statement.

The Jalan Selayang station is the first station built by Petron from the ground up since the Philippine refiner invested in early 2012 to acquire publicly-listed Petron Malaysia Refining and Marketing Bhd, Petron Fuel International Sdn Bhd, and Petron Oil (M) Sdn Bhd.

These three companies comprise Petron Malaysia which, in turn, represents the single largest investment by a Philippine company.

Petron Malaysia is a subsidiary of Petron Corp. the largest oil refining and marketing company in the Philippines, which has been operating for the past 80 years.

To date, Petron has successfully completed the re-imaging and upgrading of 300 out of the 560 stations to the Petron brand.

The re-imaging and upgrading of the rest of the stations are targeted for completion by end-2014, Ang said.

Aside from the re-branding and re-imaging program, Petron has also embarked on a retail network expansion program to make its innovative products and services more accessible to Malaysian consumers.

Furthermore, the company has completed the construction of 10 stations in 2013 and aims to build at least 30 more stations within the year.

“We are confident of our prospects in Malaysia with its dynamic and progressive economy. We will continue to deliberately grow our business here to enhance our competitiveness,” Ang said.

In November last year, Ang has revealed Petron’s plan to invest $2 billion in the next 10 years in Petron Malaysia.