ExxonMobil Affiliates Sell Shares of Malaysian Downstream Businesses to San Miguel Corporation
Includes the 88 kbd Port Dickson refinery and impacts 560 Esso and
Mobil branded retail stations
Agreements with San Miguel Corporation for sale of Refining and Fuels
Marketing businesses in Malaysia
Agreements will not impact ExxonMobil′s Upstream oil and gas
operations or interests in Malaysia
ExxonMobil affiliates and San Miguel Corporation (SMC) have reached
agreements for the sale of ExxonMobil′s interest in three businesses
operating in the Malaysian Downstream petroleum sector.
The agreements includes ExxonMobil′s 65% stake in the publicly traded
company Esso Malaysia Berhad (EMB), which operates the Port Dickson
refinery, as well as its wholly-owned ExxonMobil Malaysia Sdn Bhd
(EMMSB) and ExxonMobil Borneo Sdn Bhd (EMBSB) affiliates which are
involved in the retail, industrial and wholesale and aviation fuels
businesses.
These refining, distribution and fuels marketing businesses will
continue to operate as they do today under the new shareholder.
The transaction has no impact on ExxonMobil′s Upstream interests in
Malaysia, where it is active in petroleum and natural gas exploration
and production through its affiliate ExxonMobil Exploration and
Production Malaysia Inc. (EMEPMI). Also excluded from this transaction
are the marketing and sales of chemicals, lubricants, and asphalt
products, and the operations of the ExxonMobil Kuala Lumpur Business
Support Center.
ExxonMobil has a long and proud business history in Malaysia, dating
back to 1893. Today′s announcement marks a refocusing of its operations,
but it remains committed to Malaysia as a producer and supplier of
crude, lubricants, asphalt, waxes and chemical products.
The numerous physical assets in these three companies include the Port
Dickson refinery (88kbd capacity), equity interest in 10 fuel
distribution terminals (7 active), approximately 560 branded retail fuel
sites (420 company owned), as well as ExxonMobil′s Industrial &
Wholesale and Aviation fuels businesses. The Esso and Mobil brands used
in the marketing of fuels products, including their associated marketing
programs, will remain in the market place for up to three years to
facilitate San Miguel Corporation′s transition to a new retail fuels
brand.
San Miguel Corporation is a Philippines business conglomerate and the
parent company of Petron, the largest oil Refining & Marketing company
in the Philippines.
The agreements with San Miguel Corporation were executed by ExxonMobil
International Holdings, Inc, and Mobil International Petroleum
Corporation. Formal change in control of the three impacted ExxonMobil
affiliates, subject to regulatory review, is anticipated to occur in the
first half of 2012.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and gas
company, uses technology and innovation to help meet the world′s growing
energy needs. ExxonMobil holds an industry-leading inventory of
resources, is the largest refiner and marketer of petroleum products,
and its chemical company is one of the largest in the world. For more
information, visit exxonmobil.com
About San Miguel Corporation
SMC, based in the Philippines, is a highly diversified conglomerate,
contributing an estimated 5% of Philippine gross domestic product. One
of Southeast Asia′s leading corporation, SMC′s businesses range from
beverages and food to petroleum, power, energy and infrastructure. Its
68%-owned subsidiary Petron Corporation, is the largest integrated oil
refining and marketing company in the Philippines, with crude
distillation capacity of 180,000 barrels per day and over 1,700 service
stations across the Philippine archipelago.
Exxon Mobil Corporation
Downstream Media Line, 703-846-4467
