Push Admin

Metro Pacific, partner acquire largest petroleum import terminal in PH

Article (news)

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/12/09/pier-1.jpg"/><figcaption>Philippine Coastal Storage &amp; Pipeline Corp. <em>Handout</em></figcaption></figure></div><p>MANILA - Metro Pacific Investments Corp on Wednesday said it will acquire Philippine Coastal Storage &amp; Pipeline Corp (PCSPC), the largest petroleum products import terminal in the country as it diversifies its portfolio and invest in new revenue streams.</p><p>MPIC said, together with Keppel Infrastructure Trust, it entered into a sale and purchase agreement with Philippine Investment Alliance for Infrastructure, a closed-end fund managed by Macquarie Infrastructure and Real Assets to acquire the import terminal.</p><p>MPIC will initially hold a 20 percent stake in PCSPC&#x27;s parent firm, Philippine Tank Storage International Holdings Inc for $67 million, while an option to increase its interest of up to 50 percent is being discussed, it said.</p><p>PCSPC is the largest independent storage facility in the Philippines with a storage capacity of approximately 6 million barrels, when it completes an expansion in early 2021.</p><div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/news/12/09/boton-asts.jpg"/><figcaption>Philippine Coastal Storage &amp; Pipeline Corp. <em>Handout</em></figcaption></figure></div><p>Located in the Subic Bay Freeport Zone, PCSPC provides clients with a well-connected distribution hub to the largest economic catchment area – Metro Manila and North and Central Luzon.</p><p>The 150-hectare facility comprises of 86 storage tanks, 2 piers and a pipeline infrastructure connecting the entire facility.</p><p>“With PCSPC accounting for 36 percent of the total import terminal storage requirements of the Philippines, MPIC sees this facility as vital energy infrastructure for the country. MPIC and its strategic partner KIT look forward to further expanding the capacity of PCSPC to provide millions of Filipinos with added energy security,&quot; said Manuel V. Pangilinan, MPIC chairman.</p><p>“The strategic acquisition of PCSPC will allow KIT to diversify, grow and strengthen the resilience of KIT’s distributable cash flow. As the largest petroleum products import storage facility in the Philippines, where demand for petroleum products is expected to grow, PCSPC presents an attractive opportunity for KIT to capture opportunities arising from the strong macroeconomic outlook as well as robust growth fundamentals for imported petroleum products in the Philippines,&quot; said Matthew Pollard, CEO of Keppel Infrastructure Fund Management Pte Ltd.</p><p>Deutsche Bank, BPI Capital and NSQ Advisors are financial advisors for this transaction and Clifford Chance and SyCip Salazar Hernandez &amp; Gatmaitan are legal advisors.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/11/04/20/metro-pacific-income-down-in-jan-sept-period-eyes-recovery-in-2022">Metro Pacific income down in Jan- Sept period, eyes recovery in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/08/05/20/metro-pacific-says-cash-pile-cushioning-impact-of-pandemic-as-income-falls">Metro Pacific says cash pile cushioning impact of pandemic as income falls</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/ks-pf3dEiOo?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Metro Pacific Investments Corp on Wednesday said it will acquire Philippine Coastal Storage & Pipeline Corp (PCSPC), the largest petroleum products import terminal in the country as it diversifies its portfolio and invest in new revenue streams.</p>

Metro Pacific Investments Corp on Wednesday said it will acquire Philippine Coastal Storage & Pipeline Corp (PCSPC), the largest petroleum products import terminal in the country as it diversifies its portfolio and invest in new revenue streams.