Petronas Dagangan to buy six companies from parent

Petronas Dagangan Bhd (PDB) plans to buy six downstream companies belonging to its parent, Petronas Nasional Bhd, in the Philippines, Vietnam, Thailand and Malaysia for RM197.3 million (US$61.9 million) as part of its aggressive strategy to expand into the region. The six companies are Petronas Energy Philippines Inc., (PEPI) and Duta Inc. (Duta) in the Philippines, Petronas Vietnam Co. Ltd. (PVL) and Thang Long LPG Co. Ltd. (TLLCL) in Vietnam, Petronas International Marketing (Thailand) Co. Ltd. (PIMTCL) in Thailand and Petronas Aviation Sdn Bhd (PAV) in Malaysia. Once completed, PEPI, Duta, PVL, TLLCL and PIMTCL will be held by PDB via a newly incorporated, wholly owned investment holding company called PDB (Netherlands) BV. PAV will be held directly by PDB. PEPI and Duta are in the liquefied petroleum gas (LPG) and lubricants businesses, PIMTCL is involved in the lubricants business, PAV is in the aviation business while PVL and TLLCL run LPG businesses. “These strategic regional acquisitions mark a milestone for PDB as it represents a new phase of growth for the company,” said PDB Managing Director and CEO Amir Hamzah Azizan. PDB is the largest marketer of petroleum products in Malaysia. These acquisitions will represent an opportunity for PDB to expand its market reach and geographically diversify its revenue and earnings base, he said.