INDEPENDENT oil distributor Phoenix Petroleum Philippines Inc. said it has secured approval from the Philippine Competition Commission (PCC) for its acquisition of Petronas Energy Philippines, Inc. (PEPI) which will bolster its liquefied natural gas (LNG) portfolio.
Phoenix Petroleum said it purchased the entire equity interest of PDB (Netherlands) B.V. from Petronas Energy. The company is also acquiring 100 percent shareholdings in Duta, Inc., which holds various parcels of land used in relation to PEPI’s operations.
Phoenix told the local bourse last Friday that the PCC, in its Commission Decision No. 19-M-027/2017, stated that the listed company’s acquisition of the shares of Petronas Energy and Duta “does not result in a substantial lessening of competition in the relevant market.”
The PCC is an independent regulator responsible for promoting and maintaining fair market competition for the benefit of consumers and businesses.