Petronas sells Filipino LPG business for $124m

Petronas Dagangan Berhad, the marketing and retailing arm of Malaysian state energy firm Petronas, has revealed plans to sell its LPG business in the Philippines for $124m (£96m).

It plans to sell 100% of its equity interest in Petronas Energy Philippines Inc and 40% in Duta Inc to Phoenix Petroleum Philippines Inc.

The sale is expected to result in a gain of 369.5 million ringgit ($86.03 million) to Petronas Dagangan and its units.

It is not expected to have any other material impact on the company’s earnings for the financial year ending Dec 31, 2017.

In a statement, the company said: “The divestment is part of Petronas Dagangan’s regular review of its portfolio of businesses and geographies in which it operates.”

Maybank Investment Bank advised Petronas Dagangan on the sale.