KUALA LUMPUR: Petronas Dagangan Berhad , the marketing and retailing arm of Malaysian state energy firm Petronas, on Wednesday said it has entered into an agreement to sell its liquefied petroleum gas (LPG) business in the Philippines for US$124 million.

Petronas Dagangan plans to sell 100 percent of its equity interest in Petronas Energy Philippines Inc and 40 percent stake in Duta Inc to Phoenix Petroleum Philippines Inc.

“The divestment is part of Petronas Dagangan’s regular review of its portfolio of businesses and geographies in which it operates,” the company said in a statement.

The sale is expected to result in a gain of RM369.5 million (US$86.03 million) to Petronas Dagangan and its units, the company said.

It is not expected to have any other material impact on the company’s earnings for the financial year ending Dec 31, 2017.

Maybank Investment Bank advised Petronas Dagangan on the sale.