Much speculation has been going around about who owns Petron Malaysia. Let’s take a look at the official records.

You can see that Petron International Oil and Gas Ltd owns 73 per cent of Petron Malaysia. And there are quite a few nominee shareholders.

Shareholders of Petron Malaysia Marketing and Refining Bhd - Source: Annual Report 2012

Shareholders of Petron Malaysia Refining and Marketing Bhd – Source: Annual Report 2012

So who owns Petron International?

A company search reveals the following:

Petron International shareholders

I don’t know who those two people who are holding one share each are.

Now, Petron Oil and Gas Mauritius Ltd is an indirect wholly owned subsidiary of Petron Corp in the Philippines.

Now these are the shareholders of Petron Corp. Note there is one non-Filipino nominee:

Petron Corp shareholders

You can see Sea Refinery Corporation owns half the shares of Petron Corp. Some information about this company can be gleaned from the Pastranet website (PCOR = Petron Corp; PNOR = Philippines National Oil Refinery):

On March 13, 2008, AOC entered into a share purchase agreement with Ashmore Investment Management Limited. SEA Refinery Holdings B.V. (SEA BV), a company incorporated in the Netherlands and owned by funds managed by the Ashmore Group acquired Saudi Aramco’s 40% interest in PCOR in July 2008.

On October 6, 2008, PNOC informed SEA BV and PCOR of its intent to dispose its 40% stake in the company. In December 2008, the 40% interest of PNOC in PCOR was finally purchased by SEA Refinery Corporation (SRC), a domestic corporation wholly-owned by SEA BV. In a related development, SEA BV sold a portion of its interest in PCOR equivalent to 10.1% of the issued shares to SRC. As of December 31, 2008, SEA BV is PCOR’s parent company.

On December 24, 2008, San Miguel Corporation (SMC) and SEA BV entered into an option agreement granting SMC the option to buy the entire ownership interest of SEA BV in its local subsidiary SRC. The option may be exercised by SMC within a period of two years from December 24, 2008.

I am not sure whose funds Ashmore Group was managing.

The following is a press release from Petron Malaysia:

JUNE 5, 2013
MEDIA RELEASE FOR IMMEDIATE RELEASE
EN. MIRZAN MAHATHIR DOES NOT OWN SHARES IN PETRON MALAYSIA PMRMB
KUALA LUMPUR, June 5, 2013

Petron Malaysia Refining & Marketing Berhad (“Petron Malaysia”), part of Petron Corporation of the Philippines, today disclosed to Bursa Malaysia that En. Mirzan Mahathir does not own any shares in Petron Malaysia nor does he have any role in the company.

Petron Malaysia made the statement in response to a question of a stockholder during its recent Annual General Meeting
pertaining to the shareholdings of En Mirzan Mahathir in Petron Malaysia and its parent company, Petron Corporation and the ultimate holding company, San Miguel Corporation

The company clarified that En. Mirzan Mahathir is a Board member of its parent company, Petron Corporation of the Philippines. He was elected as a Director of Petron Corporation on August 13, 2010 and holds 1,000 shares. Under the company’s by-laws, a person has to be a shareholder to qualify as a Director. Petron Corporation has a total of 9.4 billion shares listed on the Philippine Stock Exchange. Prior to the directorship in Petron Corporation, the company added that En. Mirzan Mahathir was a Director of San Miguel Corporation for a brief period from September 1, 2009 until April 15, 2010.

He currently holds 5,000 San Miguel shares. San Miguel Corporation has a total of 3.3 billion shares listed on the Philippines Stock Exchange. “We hope that these facts put an end to all the speculation in connection with Mirzan Mahathir, which is unfair to the Mahathir family. The shares held by Mirzan in San Miguel Corporation and Petron Corporation are essentially qualifying shares for directorship,” Petron Chairman and CEO Ramon S. Ang said. “Mirzan is a director of Petron because of my own initiative. We met in the 1990s and have become personal friends since then. Moreover, Mirzan’s professional achievements speak for themselves.”

“San Miguel, Petron Corporation, and Petron Malaysia are publicly listed companies adhering to the strictest standards on governance. It is very easy for anyone to establish that En. Mirzan does not play any role in the management of these companies,” Mr. Ang concluded.

About Petron in Malaysia Petron in Malaysia is comprised of Petron Malaysia Refining & Marketing Bhd (formerly known as Esso Malaysia Berhad), a publicly listed company, and its wholly-owned subsidiaries, Petron Fuel International Sdn Bhd (formerly known as ExxonMobil Malaysia Sdn Bhd) and Petron Oil (M) Sdn Bhd (formerly known as ExxonMobil Borneo Sdn Bhd). These companies are subsidiaries of Petron Corporation, the largest integrated oil refining and marketing company in the Philippines.

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