Refiners on a high

September 7, 2017

It’s the fumes, innit?

Dateline 2017-08-07, The Edge (no, not U2):

Last week, the Brent crude oil price rebounded to over US$50 (RM214) per barrel for the first time in two months, partly thanks to a drawdown in the US crude inventories, coupled with the threat of sanctions against Opec member Venezuela.

Interestingly, the news did not put a lid on the share price rally in Petron Malaysia Refining & Marketing Bhd and Hengyuan Refining Co Bhd as higher crude prices mean more costly feedstocks for them.

Instead, the two stocks climbed further last week.

Petron’s shares surged to an all-time high of RM9.76 last Friday, while Hengyuan soared to a 42-month high of RM7.97. Both counters were in the top five gainers of Bursa Malaysia last Friday.

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Oil refinery ablaze in Port Dickson

August 2, 2016

Dateline 2016-06-25, NST:

A fire broke out at a Petron oil refinery at Batu 1 here tonight, temporarily disrupting its operations. The fire, which began at 9.30pm, saw 10-metre-high flames shoot up, believed to be due to leaking on the refinery stacks. More than 30 firemen and seven fire engines from the Port Dickson, Teluk Kemang, Seremban and Seremban 2 fire stations were dispatched to the scene. The firemen took about an hour to put out the blaze. A witness, M. Suresh, 60, said he heard two loud booming sounds before the fire broke out. “We were shocked and worried as our houses are only 300 metres away from the location,” he said. No injuries have been reported at press time.

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Petron introduces RON100 fuel

March 4, 2016

And how much are you willing to pay?

Dateline 2016-01-15, TMI:

Petron Malaysia Refining and Marketing Bhd today introduced the RON100 fuel into the Malaysian market.

The premium fuel, Blaze 100 Euro 4M, currently retails at RM2.80 per litre and is available in eight service stations in the Klang Valley and Johor with another 30 to 40 stations expected to carry the fuel in the next few months based on customer demand.

Petron has 560 stations nationwide.

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Farewell, Esso

August 16, 2012

Yes, we have all seen the change of corporate branding along the North South Highway (and others) from Esso to Petron. But, for the less glamorous petrol stations, they still maintain the old corporate identity. Esso, we salute you. Now, if Shell would like to sell its downstream activities to … Carling?

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Petron not giving up on Esso Malaysia takeover bid

May 31, 2012

Dateline 2012-10-15:

Petron Corp. wants to fully take over a Malaysian oil refiner by offering to buy out its remaining public shareholders for the second time.

Petron, through its international arm Petron Oil and Gas International Sdn, Bhd, has beefed up its stake in Esso Malaysia Bhd to 73.32% from 65% after a recent tender offer to minority shareholders.

Petron chairman and CEO Ramon Ang told reporters they hoped to own 100% of Esso, but not all shareholders accepted their offer.

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Esso minority shareholders told to reject Petron offer

May 4, 2012

Don’t know about you, but didn’t Esso sell EMB because it wasn’t making that much money?

Dateline 2012-04-20:

Kenanga Investment Bank Bhd, which is the adviser for Esso Malaysia Bhd (EMB) minority shareholders, has advised them to reject the takeover offer by Petron Corp, an affiliate of Philippines-based San Miguel Corp (SMC) so that they may benefit from the positive prospects of the oil and gas industry in which EMB operates in.

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Esso petrol station operators face supply shortage

April 28, 2012

Dateline 2012-04-09:

Esso station operators in the Klang Valley claim that their businesses have been affected when they did not receive petrol and diesel supplies from the oil company lately.

The disruption in the supply of the commodity raised questions among operators of the petrol stations whether the problem was linked to the change in management following the take-over of Esso Malaysia Bhd by Petron Oil and Gas International Sdn Bhd.

Petron Oil and Gas International, a unit under San Miguel Corporation, acquired 65 percent interests in ExxonMobil International Holdings Inc including Esso petrol stations and the Esso oil refinery in Port Dickson in the transaction that was reported to have been concluded on March 30.

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Petron gets go-signal to invest in Esso Malaysia Bhd

January 15, 2012

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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