Statoil sheds remaining stake in Malaysian Melaka refinery

July 24, 2001

Norwegian company Statoil AS has sold its remaining 15% equity in Malaysian Refining Co. Sdn. Bhd., partly to Petronas and partly to a Conoco Inc. affiliate, said Indonesian oil and gas company Petronas. MRC owns the second refining train at Petronas' 190,000 b/d refinery complex in Sungai Udang, Melaka state, Malaysia.

By the OGJ Online Staff

HOUSTON, July 24 -- Norwegian company Statoil AS has sold its remaining 15% equity in Malaysian Refining Co. Sdn. Bhd., partly to Petronas and partly to a Conoco Inc. affiliate, said Indonesian oil and gas company Petronas.

MRC owns the second refining train at Petronas' 190,000 b/d refinery complex in Sungai Udang, Melaka state, Malaysia.

Petronas acquired another 8% of the company from Statoil, bringing its total holding to 53%. Conoco Asia Ltd. acquired the remaining 7%, bringing its holding to 47%.

Petronas said the deal has been approved by Malaysian authorities and should be completed by September.

Petronas affiliate Petronas Penapisan (Melaka) Sdn. Bhd. operates both trains.