Petronas to Acquire Phillips 66 Interest in MRC

Source: www.gulfoilandgas.com 11/11/2014, Location: Asia

PETRONAS has reached an agreement with Phillips 66 Asia Ltd to acquire its 47 percent interest in Malaysian Refining Company Sdn Bhd (MRC), which will result in PETRONAS wholly owning MRC.

PETRONAS’ Datuk Wan Zulkiflee Wan Ariffin, Chief Operating Officer and Executive Vice President & CEO Downstream, said, “Our acquisition of Phillips 66’s interest in MRC will enable us to realise greater synergy between our refineries in Melaka and it will also strengthen our presence in the refining and trading businesses.”

He added PETRONAS has an excellent working relationship with Phillips 66 over the years that is expected to continue.

"Phillips 66 is pleased with the agreement to sell its share of Malaysian Refining Company to PETRONAS,” said Larry Ziemba, executive vice president of Refining for Phillips 66. "This divestiture allows us to redeploy resources to more strategic areas of our business. PETRONAS has been a strong partner over the years and we value our relationship.”

Under the terms of the agreement, PETRONAS will pay USD 635 million in cash with adjustment at completion. Both parties anticipate the transaction to be completed on 31 December 2014.

MRC was commissioned in 1998 and has a refining capacity of 170,000 barrels per day. The refinery is located in Melaka, Malaysia.


Denmark >>  6/27/2022 - As the global leader in wind energy, Vestas plays a leading role in providing the solutions and services needed to accelerate the energy transition. T...
United States >>  6/27/2022 - Primoris Services Corporation has entered into a definitive merger agreement to acquire PLH Group, Inc. (“PLH Group” or “PLH”) in an all-cash transact...

Australia >>  6/23/2022 - It was announced that MMA Offshore Limited has entered into an agreement to acquire Subcon International Pty Ltd through the acquisition of 100% of Su...
Denmark >>  6/23/2022 - Noble Corporation (NE) ("Noble") and The Drilling Company of 1972 A/S (DRLCO), collectively with Noble, the "Parties," provided an update on the ongoi...

Norway >>  6/22/2022 - Lundin Energy AB would like to remind shareholders that 23 June 2022 is the ex-dividend date in relation to the transaction with Aker BP. Therefore, 2...
United States >>  6/22/2022 - Atkore Inc. has acquired United Poly Systems, a manufacturer of High Density Polyethylene (HDPE) pressure pipe and conduit, primarily serving telecom,...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.