Philippine oil refining giant Petron Corp said today it had taken control of Exxon Mobil’s downstream industries in Malaysia for a total of US$577.3 million.

Petron Oil and Gas International, the Malaysian subsidiary of Petron Corp, completed the purchase on March 30 of the three oil companies comprising Exxon Mobil’s oil refining, distribution and marketing arms in the country, a company disclosure said.

Petron Oil and Gas International took 65 percent of Esso Malaysia Berhad, and 100 percent of both ExxonMobil Malaysia and ExxonMobil Borneo, it said.

Petron Corp is 68-percent owned by Philippine food and beverage giant San Miguel Corp, which has been recently diversifying into other fields.

San Miguel officials have previously said they intended to upgrade the Exxon Mobil oil refinery in Port Dickson and expand the fuel marketing in Malaysia.

San Miguel, which began as a brewery in 1890, has been spreading outside its core industries of food, drinks and spirits to go into oil refining, infrastructure, utilities, mining, power, airports and banking.

- AFP