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Phillips 66 sells stake in Malaysian refining company

Petronas will acquire Phillips 66 interest in Malaysian Refining Company, MRC, for US$635 million.
 Phillips 66 sells stake in Malaysian refining company

PETRONAS has reached an agreement with Phillips 66 Asia Ltd, a subsidiary of Phillips 66, to acquire its 47% interest in Malaysian Refining Company Sdn Bhd (MRC) for US$635 million in cash. The transaction is expected to be completed by the end of this year.

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.”

MRC was commissioned in 1998 and has a refining capacity of 170,000 b/d. The refinery is located in Melaka, Malaysia.

 

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