LISTED Phoenix Petroleum Philippines Inc. announced it has completed and the acquisition of Petronas Energy Philippines, Inc. (PEPI), a step closer to expanding its liquefied natural gas (LNG) portfolio.
The independent oil distributor told the Philippine Stock Exchange (PSE) on Tuesday that it and PDB (Netherlands) B.V. have completed and closed the transaction involving the 100 percent acquisition of PDB’s shares in Petronas Energy and in Duta, Inc.
Duta Inc. holds various parcels of land used in relation to PEPI’s operations. Currently, PEPI is engaged in the LPG business in the Philippines, specifically in the Visayas and Mindanao.
Last August 4, the Philippine Competition Commission (PCC) approved the company’s acquisition of Petronas Energy and Duta shares as “it does not result in a substantial lessening of competition in the relevant market.”
The recently closed transaction is part of Phoenix Petroleum’s plan to bolster its presence in the petroleum industry.
Phoenix Petroleum President and Chief Executive Officer Dennis Uy had said the acquisition would enable them to broaden their portfolio of products and services, provide excellent service, and improve operational efficiency.
Incorporated in 2002, Davao-based Phoenix Petroleum is in the business of trading and marketing refined petroleum products and lubricants, operating oil depots and storage facilities, and hauling and into-plane services.