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Posts Tagged ‘oil refining

San Miguel Corporation to Buy Shares of Esso Malaysia, Local ExxonMobil Companies

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San Miguel Corporation, today’s conglomerate in the Philippines, is planning to acquire 65 percent of Esso Malaysia or 175.5 million shares from ExxonMobil International Holdings, including two local ExxonMobil companies, for more than 600 million USD. This acquisition adds to the portfolio of oil refining and marketing businesses outside the Philippines that San Miguel owns or has shares with.

Esso Malaysia has about 560 retail stations in Malaysia. Currently, San Miguel also owns 68 percent of Petron Corporation, the largest oil refining company in the Philippines.

Read more at The Star Online

Photo by nafim at Flickr.com

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Written by Raffy Pekson II

August 18, 2011 at 3:50 pm