Petron subsidiary acquires Malaysian downstream oil units

Petron Corporation’s Malaysian subsidiary, Petron Oil and Gas International (POGI) has completed the acquisition of a 65% stake in Esso Malaysia, and shares in two downstream oil subsidiaries for $577.3m.

In it’s first oversease investment, the oil giant acquired a 100% stake in both ExxonMobil Borneo and ExxonMobil Malaysia and paid $195.1m for the controlling stake in Esso Malaysia from ExxonMobil International Holdings.

POGI has also offered to buy the remaining 35% of the company for $1.17 per share.

The sale includes the Port Dickson refinery, which has a capacity of 88,000 barrels a day, seven fuel distribution terminals and 560 branded service stations, of which 420 are company-owned.

San Miguel – Petron’s parent company – is set to expand the oil refinery in Port Dickson with $1.2bn investments to leverage various varieties of crudes for different products and increase Esso service stations network in Malaysia.