Esso Malaysia to build 8-10 new stations

Esso Malaysia Bhd, a unit of U.S.-based ExxonMobil, will spend some 64 million ringgit (US$19.57 million) this year to open 8 to 10 petrol stations in the country. Possible locations include high-growth areas in Johor, Kelantan and Penang. Last year, the company opened six new stations and invested 37 million ringgit (US$11.31 million), mainly in retail site acquisition and construction of petrol stations in high-growth areas. Esso Malaysia operates 275 petrol stations nationwide, excluding the Mobil-brand stations, which are managed by ExxonMobil Malaysia Sdn Bhd. For its first quarter ended March 31 , Esso Malaysia recorded a net profit of 50 million ringgit (US$15.29 million), up 194% from 17 million ringgit (US$5.20 million) in the same quarter last year. Revenue was 3 billion ringgit (US$917.17 million) from 1.9 billion ringgit (US$580.9 million) for the same period last year, driven by higher product prices. (May 29, 2008)