• 2014 November 12 09:24

  Petronas to acquire Phillips 66 interest in Malaysian refining company

  

  PETRONAS today announced it has reached an agreement with Phillips 66 Asia Ltd, a subsidiary of Phillips 66, to acquire its 47 percent interest in Malaysian Refining Company Sdn Bhd , which will result in PETRONAS wholly owning MRC, the company said in its press release.
   
  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.

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