Petronas expands in Thailand

Petronas expands in Thailand

KUALA LUMPUR: Malaysia's national oil company said it will expand its investments in Thailand by buying the Thai operations of Kuwaiti Petroleum International, which operates over 117 gasoline stations across the country.

Under the agreement signed Friday, Petronas would acquire Kuwait Petroleum (Thailand), taking over the gasoline stations and KPTL's lubricant businesses, the company said in a statement. No financial details were disclosed.

The acquisition - expected to be completed by end January - does not include KPTL's aviation business, which will be handed over to a subsidiary of Kuwaiti Petroleum, the statement said.

About 70 percent of KPTL's 117 gasoline stations are located in the Thai capital, Bangkok. -- AP