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.

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