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Petron Buys Stake in Petchem Firm

3:12 PM MST | March 9, 2010 |

Deepti Ramesh

Oil refiner Petron (Manila), in a statement to the Philippine Stock Exchange (Pasig city, Philippines), says it has entered into an agreement with Vantage Stride (Mauritius) for the purchase of 40% of the outstanding shares of Petrochemical Asia HK Limited (PAHL). PAHL owns a polypropylene (PP) plant at Limay, Philippines, and with this partnership, Petron will be able to share in the incremental value of converting propylene into PP. The acquisition of the stake is part of the company’s strategy to further diversify into the petrochemicals business and add...

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