The proposed investment will be used to expand Petron Malaysia’s network and to upgrade its 88,000-barrel-per-day Port Dickson refinery.

Petron Malaysia has recently completed the rebranding and upgrade of 550 service stations acquired from Esso and Mobil. It is planning to launch over 20 new stations in the country.

Petron Malaysia chairman Ramon S. Ang said: "Barely three years since we entered the highly competitive Malaysian market, we mark a significant milestone with the completion of our re-imaging programme ahead of schedule. This lays the foundation for our further expansion in the Malaysian market.

"We are entering an exciting phase since our rebranded stations serve as a venue to infuse the Petron experience which ensures customer delight and convenience. Our stations embody what the brand stands for – innovative products, excellent service, strong partnerships and caring for customers."

Petron started its rebranding and upgrading programmes in April 2012, following the acquisition of ExxonMobil’s downstream business.