Philippines: Caltex acquires 20% interest in SEAOIL to boost its growth
Caltex Australia Petroleum will acquire a 20% equity interest in SEAOIL Philippines in a new, long-term partnership between the two independent players.
SEAOIL Philippines, the country’s largest independent fuel player, announced that it has signed a definitive agreement that forges a strategic partnership with Caltex Australia.
The new strategic partnership will see Caltex Australia support SEAOIL’s current growth strategy, which aims to double the Company’s retail network and terminal storage capacity over the next five years. As part of the formation of the strategic partnership, Caltex Australia will supply fuel to SEAOIL via Ampol, its fuel sourcing and shipping business in Singapore.
“We have long sought for a strategic partner to complement our capabilities and competitive advantage, and we are optimistic that Caltex Australia, whose values we share and whose operations is like ours in complexity, can help accelerate our growth,” said SEAOIL Chairman and founder Francis Yu.
SEAOIL has 6% total market share in the Philippines and is a pioneer in alternative fuels like bioethanol gasoline and biodiesel. The company supplies approximately 1.5 billion liters annually through its vast network, its base fuels imported from select refineries in Japan, South Korea, and Singapore and enhanced with STP additives.
“This is an exciting growth opportunity for Caltex Australia. It also demonstrates the value that can be created from our position as an independent fuel supplier in the Asia-Pacific region,” Caltex Australia CEO Julian Segal said.
Caltex Australia supplies one-third of Australia’s transport fuel needs under the Caltex brand and has an extensive terminal and retail network including 76 depots, 12 terminals operated by Caltex, 5 major and bunker pipelines, 9 airport jet fuel supply sites, and over 1,900 retail sites (including resellers and Australia’s largest retailer fuel network).
