Caltex Australia announced that the acquisition of a 20 percent equity interest in SEAOIL Philippines Inc. (SEAOIL) had been finalized.
Caltex Australia is in the final stages of its acquisition of a 20 percent equity interest in SEAOIL Philippines Inc. (SEAOIL), which is consequent to its announcement of the proposed investment and a strategic partnership with the company, to manage the supply of fuels via Caltex Australia’s fuel trading and shipping business, Ampol Singapore.
“The prospects available for both companies through this new partnership are exciting. As two independent businesses with shared values and a strong alignment of interests we believe we are exceptionally well placed to meet our shared objectives,” said Louise Warner, Caltex Australia’s Executive General Manager of Fuels & Infrastructure.
SEAOIL CEO Glenn Yu said, “We look forward to working closely with Caltex Australia to drive further growth in our business and realize our aim of becoming a leading top three player in the Philippines market.”
SEAOIL, with the support of Caltex Australia, one of the region’s largest independent downstream fuel companies, expects to increase its market share, expand its product offerings and enhance its operating capabilities in the Philippines. Caltex Australia’s broad set of capabilities, will be capitalized by SEAOIL, including expertise in product supply, convenience retailing, B2B sales, lubricants and supply chain operations. PWKD05032018