Philippine conglomerate San Miguel is earmarking $1 billion to be spent over three to five years to upgrade a Malaysian oil refinery, Reuters reports, citing Business Times. The refinery operates at 88,000 barrels per day.
Miguel acquired the refinery from Exxon Mobil in August and paid $610 million for the assets. The company used borrowings to finance 70% of the deal and the rest was funded via cash from its Malaysian business.
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