TotalEnergies to exit Philippine market after 25 years
The company has sold its downstream operations to Filoil Philippines alongside all of its energy businesses.
TotalEnergies is set to exit the Philippine market, marking the end of a 25-year presence in the country.
The move comes after more than two decades of significant involvement in the country's energy sector, including investments that played a crucial role following the industry’s deregulation in 1998. This withdrawal encompasses all of the company’s energy businesses, including its downstream operations, as reported by Manila Bulletin.
Filoil Philippines Corp., owned by businessman Raffy Villavicencio, is said to be the next owner of the retail network after finalizing a deal back in January.
Both companies previously formed a joint venture in 2016, but the full acquisition signals the end of the French company's involvement in the local downstream oil market. In addition to exiting the downstream oil business, the company has reportedly shelved plans to invest in the Philippines' renewable energy sector.
As TotalEnergies hands over its local operations to Filoil, the Philippine energy landscape is set to undergo a transformation, with the departure of one of the sector’s most prominent foreign players.
