Caltex Australia has entered a “strategic partnership” with SEAOIL Philippines, the South-East Asian nation’s leading independent fuel company and fourth largest fuel retailer.
Entering Asia for the first time, Caltex Australia will acquire 20 per cent of SEAOIL for about $115 million and supply SEAOIL’s fuel via Ampol Singapore.
The transaction is described as aiding SEAOIL’s growth strategy, which is aimed at doubling the company’s retail network and terminal storage capacity over the next five years.
Caltex Australia Managing Director and CEO Julian Segal says the company is excited about the growth opportunities this acquisition will offer.
“SEAOIL’s decision to partner with Caltex Australia recognises our strong track record as a leading supplier of fuels in the region along with the skills and capabilities we’ve worked hard to build over many years. It also demonstrates the value that can be created from our role as an independent fuel supplier in the Asia Pacific.”
Funds from the transaction will be largely used by SEAOIL to fund its future expansion plans.
