Petronas to focus on station upgrades

Petronas (Retail) Thailand plans to delay its investment plans for the next two years due to fierce competition in Thailand’s retail oil market. Managing Director Mohamed Aidnil bin Abdul Razak said the company would instead focus on upgrading its 117 service stations at a cost of 500-600 million baht (US$15.3-14.7 million). The company hopes the upgrade will help it maintain its 2.5% market share and sales revenues of 10 billion baht (US$307 million). Razak said the company would also focus on raising revenues from non-oil operations, from 10% of total revenues to 30-40%. (June 14, 2007)