Caltex Australia investment backs Philippines’ SEAOIL growth
Caltex Australia’s acquisition of a 20% equity interest in one of the region’s largest independent downstream fuel firms, SEAOIL, has been finalized, according to a company release.
This follows the announcement of the proposed investment and a strategic partnership with SEAOIL on 21 December 2017, to manage the supply of fuels via Caltex Australia’s fuel trading and shipping business, Ampol Singapore.
With the investment, SEAOIL expects to increase its market share, expand its product offerings, and enhance its operating capabilities as it aims to become “a leading top three player in the Philippines market”.
SEAOIL also expects to capitalize on Caltex Australia’s expertise in product supply, convenience retailing, B2B sales, lubricants, and supply chain operations.
“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.
