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Petronas buys P66's stake in Melaka 2 refinery
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On 12th November 2014, Petronas announced its decision to acquire Phillips 66's 47% stake in Malaysian Refining Company Sdn Bhd. With this US$635 million acquisition, PETRONAS will now wholly own the 170,000 barrels per day Melaka refinery. This coking refinery is a top-quartile asset based on Wood Mackenzie's Asian net cash margin assessment.
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