Petronas to Buy Phillips 66’s Stake in Malaysia Refinery

Now I know why there are Phillips 66 people in KL

Dateline 2014-11-11, Morning Star:

Malaysia’s state oil and gas company Petroliam Nasional Bhd., or PETRONAS, said Wednesday it has agreed to buy out the remaining 47% in Malaysian Refining Company Sdn. Bhd. held by Phillips 66 (PSX) for around $635 million.

The acquisition is expected to be completed by year-end, Petronas said in a statement. MRC mainly processes sour middle east crude oil and has a refining capacity of 170,000 barrels per day at its refinery in the western Melaka state.

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