Leading international law firm Clifford Chance has advised Keppel Infrastructure Trust (KIT) and Metro Pacific Investments Corporation (MPIC) on the acquisition of Philippine Tank Storage International Holdings, Inc. (PTSI), which owns the largest petroleum products import storage facility in the Philippines, the Philippine Coastal Storage & Pipeline Corp. (PCSPC). The acquisition was one of the Philippines’ largest M&A deals in 2020.
As of completion, Singapore-based KIT and Philippine-based MPIC hold approximately 50 percent of the shares in PTSI each.
PCSPC, which has a storage capacity of c.6 million barrels, accounts for approximately 38 percent of the total import terminal storage capacity in the Philippines.
Partner Melissa Ng offered, “This acquisition will give both KIT and MPIC a great platform from which to capture the growth in demand for energy infrastructure in the Philippines. Working alongside both clients to provide such a key energy project for the country was a privilege.”
The deal was led by partner Melissa Ng (Singapore), who was supported by a cross-practice, cross-jurisdictional team, including senior associates Michael Ng (Singapore), Laurence Feeny (Hong Kong) and associate Declan Ng (Hong Kong). Partner Andrew Hutchins (Singapore), counsel Bong-Sang Cho (Seoul), associates Chin Seng Chew, Aishah Noorhimli and trainee associate Ian Choo (Singapore) worked on the banking aspects of the transaction. Senior associate Claire Neo (Singapore) provided capital markets advice.
The deal further cements the firm’s position as a leading adviser in the energy sector in the Philippines, having previously advised BCPG on its approximately US$28.5 million investment into a wind power project in the country, Eksport Kredit Fonden on the US$315 million financing for the 150MW Burgos Wind Project, and the acquisition of Chevron’s geothermal assets in Indonesia and the Philippines.
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