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.