Enoc buys $3.5 million stake in Petronas Energy Philippines
Dubai-based Emirates National Oil Company (Enoc) has purchased a 20 percent equity share in Petronas Energy Philippines (PEPI), a distributor of Liquid Petroleum Gas (LPG) in the Southern Philippines.
PEPI is 60 percent owned by Malaysian state-owned petroleum corporation Petronas and 40 percent owned by Philippine-incorporated interests. Enoc has taken its 20 percent interest from Masalegan, a Philippine incorporated entity.
PEPI owns an LPG distribution plant, with two 1,000-ton spheres, and a 140 MT storage depot. It supplies LPG to the Southern Philippine islands of Mindanao and Visayas. — (menareport.com)
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