US oil major ExxonMobil plans to invest some RM4 billion in Malaysia over the next two years to strengthen its presence here, a report said today.

ExxonMobil Malaysia chairperson Rob Fisher told the New Straits Times that 80 to 90 percent of the investment would go on the company's oil and gas upstream activities.

The remainder will be spent on its retail gasoline business, including rebuilding and setting up new petrol stations with convenience stores as well as for its refinery business, Fisher said.

"This is part of our plan to further strengthen our presence in the country," he said.

Largest supplier

The Malaysian arm has reported about RM1.9 billion in annual net profit over the past few years but it is looking at ways to control costs and raise efficiency and product yield to counter stiff competition, he added.

Exxon has 570 petrol stations and a 23,000-strong workforce in Malaysia.

It currently has six production-sharing contracts, holds an interest in 1.7 million offshore acres and is the largest supplier of natural gas to peninsula Malaysia. - AFP