The country’s leading independent oil company, Phoenix Petroleum, has signed a memorandum of understanding with CNOOC Gas and Power Group Co. Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC), China’s largest LNG importer and terminal operator and the third largest in the world. Phoenix Petroleum and CNOOC Gas and Power Group signed the MOU on June 5, 2018 in Manila to study, plan, and develop a liquefied natural gas (LNG) receiving terminal and gas-fired power plant project in the Philippines.
The MOU for the LNG project will potentially broaden Phoenix Petroleum’s portfolio of new businesses, which now includes LPG, convenience retailing, asphalt, and e-transactions.
Last year, the company acquired Petronas Energy Philippines, Inc., now Phoenix LPG Philippines, Inc. Earlier this year, Phoenix bought Philippine FamilyMart as it diversified to the convenience store retailing business. The company also recently broke ground for its asphalt plant under Phoenix Asphalt Philippines, Inc., a joint venture of Phoenix Petroleum, TIPCO Asphalt of Thailand, and PhilAsphalt. Last week, Phoenix Petroleum acquired a majority stake in digital transactions company Action.able.
About Phoenix Petroleum
Phoenix Petroleum is the leading independent oil company in the Philippines established in 2002. The company was publicly listed on the Philippine Stock Exchange in July 2007 and has since grown to be a national brand from its humble beginnings in Davao. In just 15 years, Phoenix has expanded its network and portfolio from trading and distribution of refined petroleum products to terminaling and hauling services, selling and marketing of liquefied petroleum gas, bitumen, and convenience store retailing—all in pursuit of its vision to be an indispensable partner in the journey of everyone whose life it touches.