San Miguel Corp. to buy shares of ExxonMobil's Malaysian affiliates

ExxonMobil Corp. affiliates and San Miguel Corp. have agreed on the sale of ExxonMobil’s interest in three Malaysian downstream businesses.

The agreements include ExxonMobil’s 65% stake in Esso Malaysia, which operates the 88,000 b/d Port Dickson refinery, and ExxonMobil Malaysia Sdn. Bhd. and ExxonMobil Borneo Sdn. Bhd., both of which are involved in the retail, industrial, and wholesale and aviation fuels businesses.

According to Malaysia’s Business Times, the transaction totaled $610 million, which was split $206.02 million for Esso Malaysia, and $403.98 million for ExxonMobil Malaysia and ExxonMobil Borneo.

ExxonMobil said the transactions will have no impact on its Malaysian upstream interests, where it operates as through its ExxonMobil Exploration & Production Malaysia Inc. affiliate.

ExxonMobil also said the agreement excludes the marketing and sales of chemicals, lubricants, and asphalt products, as well as the operations of the ExxonMobil Kuala Lumpur Business Support Center.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

US, Canadian oil, gas firms' fourth-quarter 2013 earnings slip

03/31/2014 A sample of 53 US-based oil and gas producers and refiners posted a collective decrease of 2% in fourth quarter earnings and an 11% decrease in ful...

Ineos lets contract for Grangemouth ethane terminal

03/28/2014 Ineos Europe AG, Switzerland, said it has reached the latest milestones in its $500 million survival plan to import US shale gas to its 210,000-b/d...

Maintenance underway at Jamnagar refinery

03/27/2014 Reliance Industries Ltd. (RIL) has shut down one of three paraxylene units for planned maintenance at its 660,000-b/d Jamnagar refinery at Gujarat,...

Petronas progresses on RAPID project

03/27/2014 BMT Asia-Pacific Pte. Ltd. (BMT), a subsidiary of BMT Group Ltd., has completed a concept design for the material offloading facility (MOLF) at sta...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected