---

Philippines-based oil refinier and bunker supplier Petron Corporation has announced that will buy 35 percent of Manila North Harbour Port Inc., a company engaged in operating and redeveloping Manila's north harbor.

Petron said on Monday that it had entered into a share sale and purchase agreement with Harbour Center Port Terminal Inc. to acquire 35 percent of the outstanding and issued shares of capital stock of Manila North Harbor, Inc., which last year won the 25-year contract to operate and develop the north harbor.

Petron, which was acquired by food, beverage and packaging company San Miguel Corporation in 2008, said the agreement is subject to completion and submission of standard closing conditions, including corporate approvals.

It is understood that San Miguel now plans to build a new grains terminal in Manila North Harbor, which will service the needs of San Miguel’s food and beverage businesses.

The offshore areas of Manila North Harbor are also said to be an ideal location for Petron to construct a new tank farm to replace the Pandacan Oil depot.

San Miguel has said that it has no plans to be involved in the actual port operations, which will continue to be the responsibility of the Romero Group. Manila North Harbour Port, Inc. is 65 percent owned by the Romero Group via its subsidiary Harbor Center Port Terminal Inc.