Petronas to open 50 service stations

Petronas Dagangan Bhd will invest about 500 million ringgit (US$148.9 million) to open 50 new service stations in Malaysia, particularly in the cities, by the end of fiscal year ending March 31, 2009. Chairman Datuk Anuar Ahmad said to open a new service station would cost the company about 10 million ringgit (US$2.98 million) each. “At the moment, we have more than 900 service stations, of which 82 are equipped with the NGV facility,” Anuar said. Commenting on the company’s outlook, Anuar said the industrial/commercial division would continue to be the major contributor of revenue moving forward. Currently, the division contributed about 58% in revenue followed by 42% from the retail division. Anuar however highlighted that demand for products from the commercial and industrial sector is expected to lessen due to rising crude oil prices. (July 24, 2008)