Philippine Petron's board approves investment in ExxonMobil Malaysia

摘要

PHILIPPINE refiner Petron said its board has approved the company's investment in ExxonMobil's downstream business in Malaysia. ExxonMobil in August announced that it was selling assets in its downstream Malaysia portfolio - including a 65% stake in the operator of the 88,000 b/d Port Dickson refinery and 560 branded retail stations - to Philippines-based food and beverage company San Miguel Corp., in a transaction valued at $610 million. SMC owns 65% of Petron, the largest refining and marketing company in its home country of the Philippines.