Chemoil buys storage in Philippines

Philippines - Chemoil has purchased a controlling stake in a storage terminal in the Philippines, from which the company expects to break into other markets.

The deal for the 23-hectare terminal located in Batangas is reportedly valued at US$13 million and will be financed through a combination of debt and equity. The facility has an operational capacity of 34,000 cubic metres.

The facility can be used to store petroleum products such as gasoline, diesel and fuel oil.

According to local media reports, the investment is expected to help the group break into other markets including China's buoyant fuel products sector.