LISTED Phoenix Petroleum Philippines, Inc.’s board of directors has approved the establishment of a trading company in Singapore to market and trade its fuel products.
The oil company informed the Philippine Stock Exchange (PSE) last Friday that the Singapore trading company will be set up “for the primary purpose of facilitating and negotiating the supply and trading of the company’s fuel products and secondly, to engage in the trading business in Singapore for purposes of eventually serving other third parties and customers.”
Phoenix said its board also approved the appropriation of P510 million for the establishment and operation of the Singapore-based trading company.
Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said last week that the company is keen on expanding its portfolio not just in the liquefied petroleum gas (LPG) business but also in other facets of their enterprise.
“I think we’ve always been vocal about our aspirations. We want to be a credible and a preferred alternative to the majors,” Fadullon added.
The Davao-based company secured regulatory approval in August for the acquisition of Petronas Energy Philippines, Inc. (PEPI) and Duta Inc. from PDB (Netherlands) B.V. Duta holds various parcels of land used in relation to PEPI’s operations.
Phoenix markets refined petroleum products and operates gas stations, oil depots, storage facilities and allied services. It currently has 518 retail stations throughout the country. It reported net income of P610 million in the first six months of this year, up 35 percent from the same period last year.
Shares of Phoenix Petroleum ended on Friday at P12.44 apiece.