Oct 23 (Reuters) - Private equity firm I Squared

Capital, through its Philippine affiliate, will buy Philippine

Tank Storage International from Singapore's Keppel

Infrastructure Trust and Metro Pacific Investments

Corp ( MPCFF ) in a $296 million deal.

Hong Kong's First Pacific ( FPAFF ) said on Wednesday its

Philippine affiliate, Metro Pacific, will sell its 50% stake in

Philippine Coastal Storage & Pipeline Corp, which is owned by

Philippine Tank Storage International, the company that runs the

biggest petroleum products import storage facility in the

country.

The other 50% stake in the Philippine firm is owned by

Keppel's infrastructure trust.

Philippine Coastal operates the petroleum storage and

pipeline facilities of the Subic Bay Naval Base and Clark Air

Force Base - former U.S. military bases - according to its

website.

In late August, Reuters reported that the owners of

Philippine Tank Storage International were seeking to bring a

strategic investor into the company.

Keppel Infrastructure Trust counts Singapore's state

investment company Temasek as its biggest shareholder,

while Manila-listed MPIC is majority-owned by First Pacific Co's ( FPAFF )

Metro Pacific Holdings Inc, data from LSEG showed.