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Caltex Australia finalizes 20% acquisition in SEAOIL Philippines
By TED CORDERO,GMA News Caltex Australia Petroleum Pty Ltd. has finalized its acquisition of a 20-percent equity interest in SEAOIL Philippines Inc.
“Caltex Australia announced that the acquisition of a 20-percent equity interest in SEAOIL Philippines Inc. had been finalized,” the Australian oil firm said in a statement posted on its website.
The deal was sealed on March 2 by SEAOIL Philippines chairman Francis Yu and Caltex Australia CEO for Fuels and Infrastructure Douglas Darley.
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SEAOIL will be managing the supply of fuels through Caltex Australia’s fuel trading and shipping business, Ampol Singapore.
On Tuesday, officials of both Caltex and SEAOIL declined to disclose the amount of investments the Australian firm is pouring into the local oil player.
With the support of Caltex Australia, SEAOIL is eyeing to increase its market share, expand its product offerings and enhance its operating capabilities in the Philippines.
SEAOIL has a 6-percent market share in the Philippines, supplying an estimated 1.5 billion liters annually.
Caltext said the investment has been funded using existing debt facilities and is expected to increase its earnings per share. —VDS, GMA News