Petronas opens a new office in Sydney.
Malaysian oil giant, Petroliam Nasional's manufacturing and marketing arm, PLI, is aiming to capture 4% of the market share in Australia and New Zealand by 2021 and increase the company’s sales volume by 32%.
Nearly 15 years after first starting business in the two countries, Petronas Lubricants managing director and group chief executive officer Giuseppe D'Arrigo said: "...This will greatly enlarge our reach and significantly strengthen the presence of Petronas brand in the Asia-Pacific region as part of the group’s bigger market expansion strategy.”
The announcement comes at a time when Petronas is, like other oil majors around the world, battling with low oil prices. The company is predicting an uncertain outlook for the second half of the year and is looking at optimising its inventory management as part of its strategy to maintain balance in turbulent times.
As well as the Australasia move, Petronas is also continuing to expand its fuel station network in its home country.