Petronas Dagangan allocates RM500m for capex
Published on: Thursday, April 17, 2014
Kuala Lumpur: Petronas Dagangan Bhd will allocate RM500 million for capital expenditure (capex) this year to increase retail network and improve operating efficiency.Chairman Datuk Wan Zulkiflee Wan Ariffin said the capex would be used to increase the number of petrol stations, automation at liquefied petroleum gas (LPG) terminals and depots and, upgrade information technology systems."We are looking to add between 40 and 50 petrol stations this year," he told reporters after the company's annual general meeting here Wednesday.
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Wan Zulkiflee said the company would also emphasise on network effectiveness to optimise yield from each station.Besides, the company would allocate RM200 million for international business subsidiaries for two to three years to nurture and grow international businesses.He said the thrust in the international business would dominantly be in the Philippines, where Petronas Dagangan intended to invest in more assets to make its LPG supply more competitive."We may be looking at investing into terminals or making other arrangements in the Philippines," he said.
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For the financial year ended Dec 31, 2013, Petronas Dagangan's revenue rose to RM32.34 billion, up RM2.82 billion from the previous year, boosted by a 8.5 per cent, year-on-year, increase in sales.Meanwhile, on a another development, Wan Zulkiflee, who is also Petronas' Chief Operating Officer, said the government would revise the pricing of liquefied natural gas (LNG) gradually until it meets the market price to curb inefficiency in gas usage.
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