Filipino oil company Petron has entered into an agreement with Vantage Stride (Mauritius) to buy a stake in Petrochemical Asia as part of its expansion plans.
As part of the deal for a 40% stake, Petron will have a controlling stake in the Limay, Bataan polypropylene plant owned by Petrochemical Asia.
Following this joint venture, Petron will be able to share in the incremental value of converting propylene into polypropylene, according to manilastandardtoday.com.
Financial terms of the agreement were not disclosed and the deal is expected to be completed in the next 30 days.
