Philippine
conglomerate San Miguel Corp. said Wednesday it has signed a $610 million deal
to buy US oil giant ExxonMobil's refining, distribution and marketing
operations in Malaysia.
The deal, announced after trading hours, includes the 88,000
barrels per day Port Dickson refinery, seven fuel distribution terminals, and a
network of around 560 branded service stations.
San Miguel president Ramon Ang said the deal meets his
rapidly diversifying company's plans to expand its regional interests in the
oil and gas sector.
"ExxonMobils Malaysian downstream business is attractive
to San Miguel given that there is plenty of room to move up the value chain by
upgrading refinery capabilities," he said in a statement.
"Our plan would be to upgrade the Port Dickson refinery
so that it can make use of a wider variety of crudes, and produce higher-value
products."
The $610 million deal includes listed Esso Malaysia which is
65 percent-owned by ExxonMobil, and two subsidiaries, ExxonMobil Malaysia Sdn.
Bhd. and Exxon Mobil Borneo Sdn. Bhd.
San Miguel, which formerly sold just lager but now has huge
investments in electricity generation and other high-growth heavy industries,
also controls Petron Corp., the Philippines' largest oil refiner.
Source : AFP
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