When a great opportunity to continue a Filipino legacy rose, many answered the call. It is not every day that companies are given the chance to continue defining how Filipinos live their life fully. This is how ISLA Petroleum & Gas Corporation (IPG) came to be. It is a joint venture between Isla Petroleum & Energy Company Ltd., (IP&E) and CREASIA Energy Holdings, Inc. (CREASIA). Incorporated in July 14, 2011, IPG was the response to acquire Shell’s LPG assets in the Philippines. The acquisition was completed in two stages. Stage one was the acquisition from Pilipinas Shell Petroleum Corporation (PSPC) of all the issued and outstanding shares of Isla LPG Corporation (ILC). This phase was consummated on January 27, 2012. Stage two was the acquisition from Shell Petroleum N.V. all of the issued and outstanding shares of Isla Gas Terminals, Inc. (IGT). This process was fully realized on December 10, 2013. ILC is IPG’s subsidiary engaged in supply, trading, marketing and distribution of Liquefied Petroleum GAS “LPG” in the Philippines under the banner brand SOLANE (formerly Shellane). It operates strategically located LPG refilling plants nationwide. It has a vast network of distributors and retail stores.
Though relatively new, the joint-venture boasts of experienced and credible partners. ISLA’s primary parent company is Citadel Pacific, Ltd. It’s a private equity and holding company, which is owned by the Delgado family and with minority interests by the Ontario Teachers’ Pension Plan (OTPP), through its wholly-owned subsidiary, Classroom Investments Inc., a company organized and existing under the laws of Canada. IP&E is CPL’s international investment arm for the energy business in the Philippines, Guam, Saipan and Palau. The other shareholder is Itochu Corporation (ITOCHU). A recognized company in Japan as it is an age-old conglomerate. ITOCHU is in the top 250 companies in terms of worldwide revenue. On May 12, 2016 ITOCHU formed CREASIA – a joint venture company that is owned majority by ITOCHU and with ITOCHU Enex Co. Ltd as its minority associate – all for the purpose of transferring its equity interest in the ISLA Group to CREASIA. The coming together of worldwide credible and recognized groups is a reassuring sight to show that Solane will continue to flourish today and into tomorrow.