Regional: ExxonMobil sells Malaysia downstream ops to San Miguel
Wednesday, August 17 2011 - 03:55 PM WIB
The agreements includes ExxonMobil?s 65% stake in the publicly traded company Esso Malaysia Berhad (EMB), which operates the Port Dickson refinery, as well as its wholly-owned ExxonMobil Malaysia Sdn Bhd (EMMSB) and ExxonMobil Borneo Sdn Bhd (EMBSB) affiliates which are involved in the retail, industrial and wholesale and aviation fuels businesses.
The transaction has no impact on ExxonMobil?s Upstream interests in Malaysia, where it is active in petroleum and natural gas exploration and production through its affiliate ExxonMobil Exploration and Production Malaysia Inc. (EMEPMI), ExxonMobil said. Also excluded from this transaction are the marketing and sales of chemicals, lubricants, and asphalt products, and the operations of the ExxonMobil Kuala Lumpur Business Support Center.
The company did not disclose transaction value.
ExxonMobil has a long business history in Malaysia, dating back to 1893. Today?s announcement marks a refocusing of its operations, but it remains committed to Malaysia as a producer and supplier of crude, lubricants, asphalt, waxes and chemical products.
The numerous physical assets in these three companies include the Port Dickson refinery (88kbd capacity), equity interest in 10 fuel distribution terminals (7 active), approximately 560 branded retail fuel sites (420 company owned), as well as ExxonMobil?s Industrial & Wholesale and Aviation fuels businesses. The Esso and Mobil brands used in the marketing of fuels products, including their associated marketing programs, will remain in the market place for up to three years to facilitate San Miguel Corporation?s transition to a new retail fuels brand.
San Miguel Corporation is a Philippines business conglomerate and the parent company of Petron, the largest oil Refining & Marketing company in the Philippines.(alex)