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Petron moves to invest in operations of ExxonMobil.
Byline: Emilia Narni J. David'
PETRON CORP. will invest in the downstream operations of ExxonMobil Corp. in Malaysia, signaling a move towards a synergy between the San Miguel Corp.'s two petroleum units.
In a disclosure, Petron said its management had decided to take part in the operations of San Miguel's recently acquired oil firm.
"The executive committee of Petron in its meeting [yesterday] approved the company's investment in the ExxonMobil downstream business in Malaysia, [with] the amount and percentage sharing to be determined," Petron told the local bourse.
The board has yet to decide whether it will have Petron buy either a portion or …
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