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KUALA LUMPUR, MALAYSIA: Petronas has reached an agreement with Phillips 66 Asia Ltd, a subsidiary of Phillips 66, to acquire its 47 per cent interest in Malaysian Refining Company (MRC) Sdn Bhd, which will result in Petronas wholly owning MRC. Under the terms of the agreement, Petronas will pay $635 million in cash with adjustment at completion. Both parties anticipate the transaction to be completed on 31 December 2014.
“Our acquisition of Phillips 66’s interest in MRC will enable us to realise greater synergy between our refineries in Melaka and it will also strengthen our presence in the refining and trading businesses,” said Datuk Wan Zulkiflee Wan Ariffin, Chief Operating Officer and Executive Vice President & CEO Downstream, Petronas.
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