PEPI is 60% owned by Malaysian petroleum corporation Petronas and 40% owned by Philippine-incorporated interests. ENOC has taken its stake from Masalegan Inc, a Philippine incorporated entity, and a contract was recently signed at Petronas Towers in Kuala Lumpur, Malaysia, in the presence of dignitaries from ENOC, Petronas and Masalegan.

Hussain Sultan, ENOC Group Chief Executive and Board Member, is quoted to have said, "This agreement is a continuation of our plan to expand into new markets, and will allow us to commence marketing operations in the Philippines. It is our first joint venture with Petronas and we are extremely pleased to be working with them."

PEPI represents ENOC's first strategic investment with Malaysia's Petronas.