PETRON REMAINS FOCUS ON GROWING, IMPROVING AREAS OF BUSINESS

KUALA LUMPUR, April 30 -- Petron Malaysia Refining & Marketing Bhd (PMRMB) remains focused on growing and improving all areas of its business as the industry will always have its share of challenges and risks. 

Chairman Ramon S. Ang said the ability of the group to face the future with confidence stemmed from its strong foundations, sound business practices, and judicious use of resources. 

"The Diesel Hydrotreater project, our biggest investment yet in the refinery, will enable us to produce Euro 5 diesel in compliance with new government standards.

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"The Marine Import Facility 2 (MIF2) project, meanwhile, will cater to higher gasoline and jet fuel demand and will generate more savings on freight costs," he said in PMRMB’s latest annual report filed with Bursa Malaysia today.

Ang noted that both the Diesel Hydrotreater project and MIF2 are on track for completion this year. 

He said the MIF2 project will allow the group to upgrade its product jetty, build a new pipeline, and construct two new product tanks with a total incremental capacity of half a million barrels.

In order to sustain its growth in retail, together with its sister companies, the group streamed 57 new stations, 31 of which are under PMRMB, bringing the total network to about 700 service stations across Malaysia.

Ang said with a wider retail network, PMRMB can further increase its brand presence and reach underserved markets. 

PMRMB had introduced its ‘Modular Filling Station’ in Nilai, Negeri Sembilan, a first of its kind service station built using a modular construction system and featuring an industrial design concept. 

"Beyond the visual transformation, this is a more efficient way of developing and constructing stations," he said.

Ang noted that the year 2019, while challenging in some aspects, was no different as the group continued to widen its service stations network to bring its products and services closer to consumers while strengthening its capabilities to meet the nation's fuel demand, among others.

"We also made new efforts to protect our viability in the future and make a deeper impact on the lives of our stakeholders. Our strategic efforts enabled us to secure our position as the preferred fuel and LPG brand and the supplier of choice among vital industries," he said.

Ang said as a result of the strategic efforts, PMRMB's sales volume rose to 26.3 million barrels in 2019 from 35.5 million barrels in 2018. 

"Strong domestic consumption continued to support our growth, with the Malaysian economy delivering a 4.3 per cent gross domestic product growth (in 2019) on the back of robust private-sector spending and continued expansion in the services and manufacturing sectors," he added.

-- BERNAMA