MANILA, Philippines (AP) — Philippine conglomerate San Miguel Corp. is buying Exxon Mobil's oil refinery and gas stations in Malaysia for $610 million.
The company said Wednesday it has signed agreements to buy three Exxon Mobil subsidiaries involved in refining, distributing and marketing petroleum products.
Physical assets include the Port Dickson refinery, seven fuel distribution terminals, and about 560 gas stations.
SMC President Ramon Ang says the business is attractive, with "plenty of room to move up the value chain by upgrading refinery capabilities."
SMC's subsidiary Petron Corp. is the Philippines' largest oil refining and marketing company.