Dateline 2012-01-11:
Petron Corp., the country’s largest oil refiner and retailer, has gotten the go-signal to pursue its planned investments in Esso Malaysia Bhd., a subsidiary of Exxon Mobil Corp. for its downstream oil business in Malaysia.
In a disclosure to the Philippine Stock Exchange, Petron said that its executive committee approved on Wednesday the company’s investment in Esso but did not reveal the final investment figures. The oil firm said that the amount and percentage sharing have yet to be determined.
In a text message, Petron president Eric O. Recto said the oil company has not determined how it would make its investments in Esso—whether it would acquire only a portion or the entire 65-percent stake in Esso, now owned by highly diversified conglomerate San Miguel Corp.
San Miguel also owns 68 percent of Petron.
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Wata - Malaysian Oil and Gas Engineer 