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source: Plastemart (9/3)
In a bid to diversify into the downstream petrochemical business and add additional revenue streams, Philippine’s biggest oil refiner Petron Corp. plans to indirectly acquire a stake in a polypropylene plant in Limay, Bataan. Petron has inked a deal with Vantage Stride (Mauritius) Ltd to buy 40% of the outstanding shares of Petrochemical Asia (HK) Limited (PAHL). PAHL indirectly owns a polypropylene plant in Limay. With this partnership, Petron will be able to share in the incremental value of converting propylene into polypropylene.
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