Petron Buys Stake in Philippine Port

4 January 2011 (Last Updated January 4th, 2011 18:30)

Oil refining and marketing firm Petron Corporation has acquired a 35% stake in Manila North Harbour Port in the Philippines from Harbour Center Port Terminal. Romero Group-led Harbour Center is engaged in operating and redeveloping Manila's North Harbour and owns the remaining 65% of Har

Oil refining and marketing firm Petron Corporation has acquired a 35% stake in Manila North Harbour Port in the Philippines from Harbour Center Port Terminal.

Romero Group-led Harbour Center is engaged in operating and redeveloping Manila’s North Harbour and owns the remaining 65% of Harbour Port.

Although the companies did not reveal transaction details, it is estimated at PHP1.52bn ($34.78m).