Seems a strange risk, to be sure. The sovereign risk, and risk to Caltex's "reputation" by SeaOil's accounting practices i.e. SeaOil accounting some of it's "extra curricular" payments c/f caltex's upright reporting principles will be interesting. We are judged by the company we keep, so any internal SeaOil/Philippines problems will reflect.
I know you don't like speculation much; but my take when considering "Why?" was the personal guess that Philippines represents hedging against the predicted onslaught of electric cars in 2 decades. In that regards, Philippines is almost assured to be amongst the last taking up wholesale electric transport, and hence on that side a wise long-term play.
CTX Price at posting:
$35.50 Sentiment: None Disclosure: Not Held
