Shenzhen, China, 25 June 2004: PETRONAS, Malaysia’s integrated oil and gas corporation, today launched a new subsidiary company in China, signifying its commitment to establish a long-term presence in this country as part of the corporation’s global expansion strategy.
The subsidiary, known as PETRONAS Marketing China Company Ltd (PMCCL), will enable PETRONAS to further pave its way into the downstream sector of China’s petroleum industry. The new company, which will make Shenzhen its base, will be engaged in strategising and managing PETRONAS’ planned expansion of its petroleum products retail and marketing activities in selected markets in China. It will also provide PETRONAS with a platform to move in the future into other related businesses in the country.
PMCCL will further enhance PETRONAS’ presence in China, providing synergy to its other outfits already operational in the country. These include a PETRONAS representative office in Beijing, a liaison office in Shanghai for its subsidiary Malaysian International Trading Corporation (MITCO), as well as another petroleum products marketing subsidiary based in Hong Kong. Apart from this, PETRONAS is also a partner in a joint venture in Jiangsu that imports, bottles and distributes liquefied petroleum gas.
Speaking at the launch today, PMCCL General Manager and Chief Executive, Mr Clement Ooi said: “PETRONAS is indeed very pleased and honoured to have been able to set up base here at Shenzhen as part of our efforts to enhance our long-term presence in China, in line with our overall global expansion plan.
“Shenzhen is a wonderful city with excellent infrastructure and an investor-friendly environment conducive to doing business. It is also a good gateway to other parts of this great country. We hope in time our operation here would also lead us to other related opportunities that could be explored either on our own or with potential long-term partners,” he added.
Mr Ooi said that PMCCL, located within the premises of the Shenzhen Kerry Yantian Port Logistics Centre, would be managed by a group of young and energetic professionals committed to forging and nurturing long-term, mutually beneficial relationships with its Chinese business partners, customers and other stakeholders.
PETRONAS, a Fortune 500 company with business operations in 35 countries, first entered China in 1991 in the oil and gas exploration sector. Since then, the company has expanded into the downstream sector of country’s oil and gas industry.
In an effort to increase the awareness of its brand and presence in China, PETRONAS recently agreed to become the title sponsor of the upcoming Shanghai International Race Festival 2004, to be held from 16 to 18 July.
Media Relations & Information Department