Philippines-based San Miguel is to invest $1bn in upgrading the Port Dickson refinery in Malaysia.
The investment will be used to increase the refinery’s production capacity from 50,000 barrels per day to 88,000 barrels a day and to install new equipment, reports bernama.com.
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The firm will provide 30% of the investment and the remaining 70% will come from financial institutions.
San Miguel has recently acquired a 65% stake in ExxonMobil’s Malaysian assets, including Esso Malaysia, ExxonMobil Malaysia and ExxonMobil Borneo for $610m.
