Enoc buys 20 percent stake in Petronas Philippines
The Emirates National Oil Company (Enoc) has agreed to purchase a 20 percent stake in Petronas Energy Philippines, valued at $3.5 million. The company is currently 60 percent owned by Malaysia’s Petronas Energy and forty percent owned by Philipine investors, reported Khaleej Times.
Petronas Energy Philippines distributes liquefied natural gas (LNG) in the Southern Philippines. The Enoc Group has a diverse range of interests from petroleum retailing to refining, from shipping to information technology. The Group was set up in 1993 to serve as a catalyst for economic diversification in the downstream and upstream markets. — (menareport.com)
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