San Miguel Corp. is planning to spend up to $1.2 billion to expand an oil refinery and retail station network, Reuters reports. The Philippine conglomerate bought the oil refinery from Exxon Mobil in Malaysia last month.
San Miguel bought the assets for $610 million, including a 65 percent stake in Malaysian refiner Esso. The firm also purchased two unlisted Malaysian divisions of Exxon Mobil that own 560 retail stations.
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