It has been reported that Esso station operators in the Klang Valley have been facing fuel supply shortage, with some resorting to shutting down temporarily as their pumps ran dry.
“We frequently ran out of supply early because we received no supply for two weeks and I wondered why this situation that is incurring losses to me came about,” an Esso station operator in Kuala Lumpur told Bernama. “If their (supply) delivery is okay, such a problem will certainly not arise,” another Esso operator in Damansara added.
An Esso station in the Sungai Besi area had to stop business temporarily as it ran out of petrol to sell, and diesel stocks ran low. “I had to wait for supply for 15 hours since last night and they only delivered some diesel which only lasted up to 1pm today, forcing the station to be closed to the anger of many irate customers. The problem arose when the Petron Oil company took over Esso abruptly and we had to face the problem of erratic fuel supply,” the operator said.
What he was talking about is of course the change of ownership that’s being played out now. In August last year, we reported that ExxonMobil, owner of Esso and Mobil brands, has agreed to sell its interest in three businesses operating in the Malaysian downstream petroleum sector to San Miguel Corporation of the Philippines. Petron Corporation is the largest oil refining and marketing company in the Philippines, and is majority owned by beverage maker San Miguel.
Earlier this month, Petron Oil and Gas International Sdn Bhd (POGI) concluded the US$577.3 million acquisition of 65% of Esso Malaysia Berhad, 100% of ExxonMobil Malaysia Sdn Bhd and 100% of ExxonMobil Borneo Sdn Bhd. POGI also wrapped up the acquisition of 175.5 million ordinary shares in Esso Malaysia at RM0.50 per share, totaling US$195.123 million.
The physical assets in the transaction include the 88kbd capacity Port Dickson refinery which processes an average of 45,000 barrels of crude a day, equity interest in 10 fuel distribution terminals (seven of which are active) and around 560 retail fuel stations.
“We will upgrade it (Esso refinery) and we run that and there would still be a need to augment that for products that we get from elsewhere. An investment of US$1.2 billion has already been lined up by SMC for the newly-acquired Malaysia assets,” Petron president Eric O. Recto told Manila-based reporters.
Earlier, it was revealed that the refining, distribution and fuels marketing businesses will continue to operate as they do under the new owner, and that Esso and Mobil brands will remain in the Malaysian market for up to three years to facilitate SMC’s transition to a new retail fuels brand. This could be either Petron or an all-new brand.
© 2012 Paul Tan's Automotive News. All Rights Reserved.
This story originally appeared on Paul Tan's Automotive News on Tue, 10 Apr 12 05:50:16 +0000.
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