New Ventures
Phoenix Spreads its wings
In September 2017, Phoenix Petroleum opened a trading office in Singapore in a bid to broaden our trading business and expand to the region.
PNX Petroleum Singapore Pte. Ltd. is the trading and supply arm of the Phoenix Petroleum group. It facilitates internal fuel requirements and establishes a regional presence in Southeast Asia by following international trading standards.
The office trades and supplies a wide range of refined products to serve all kinds of customers, from retailers to ship owners, from mining to transport companies, and to airlines. Its services range from supply and shipping to price risk management. PNX Petroleum Singapore is also open to other partnerships and investments with key players in Southeast Asia.
Paving the way for new endeavors
In January, Phoenix Petroleum announced a deal with Thailand- headquartered Tipco Asphalt, the leading manufacturer and distributor of asphalt products
in Asia Pacific, and PhilAsphalt Development Corporation,
to form a joint venture in a 40-40-20-percent share structure.
Under the name Phoenix Asphalt Philippines, Inc., the newly formed company will manufacture, operate, market, and distribute bitumen, bitumen-related products, other by-products of crude oil and petroleum products and operate terminals and depots in the Philippines.
In May, Phoenix Asphalt began the construction of its own asphalt plant in Calaca Industrial Seaport Park in Batangas.
A big step into the convenience store retailing business
Also in January, Phoenix completed the acquisition of Philippine FamilyMart and its 65 stores.
The takeover of Japan’s FamilyMart in the Philippines and the company’s growth plans signal a new age of competition in the convenience store business in the country.
The acquisition provides Phoenix with the opportunity to grow FamilyMart alongside its fuel group, as both businesses strive to capture a major share of their respective industries.
Today’s green fuel alternative
With last year’s acquisition of Petronas Energy Philippines, Inc., Phoenix Petroleum entered the fast-growing market for liquefied petroleum gas in the country. The move came as another step to diversify Phoenix’s business, and underlines the firm’s environmental responsibility to provide an affordable, green, and highly efficient energy source.
Phoenix completed the 100% acquisition of Petronas Energy Philippines, Inc.—the Filipino LPG unit of Malaysia’s state-owned oil and gas giant Petronas—
on August 15, 2017. The deal included the takeover of existing infrastructure and distribution facilities previously owned by Petronas.