Anglo-Dutch
energy giant Shell's Philippine unit said on Wednesday it would sell
its local liquefied petroleum gas business to a Japanese-Filipino
consortium for an undisclosed price.
"The sale of Shell's share in the Philippines LPG business is
consistent with Shell's strategy to concentrate its global downstream
footprint into fewer, larger markets," it said in a statement.
Shell Gas Philippines is to be sold to a consortium called Isla
Petroleum and Gas Corp., it said, adding that Shell's other downstream
businesses would not be affected by the deal.
Shell spokesmen declined to comment on reports that valued the
transaction at $131 million nor identify Isla's Japanese partner, which
the reports named as Itochu Petroleum Co.
The date of the sale was also not disclosed.
Shell Gas is a leading player in the importation and distribution of
LPG in the Philippines, where it is widely used for cooking.
Isla Petroleum representatives in the Philippines could not be reached for comment.
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