DAVAO-BASED independent oil company Phoenix Petroleum Philippines, Inc. (Phoenix) announced on Thursday that it plans to acquire the liquefied petroleum gas (LPG) business in the Philippines of Petronas Dagangan Berhad (PDB), a Malaysian oil and gas company listed on Bursa Malaysia.
In a disclosure to the local bourse, Phoenix Petroleum said that a memorandum of understanding (MoU) was entered on 24 May 2017 with PDB (Netherlands) B.V., a wholly-owned subsidiary of PDB, in relation to the planned 100 percent share acquisition of Petronas Energy Philippines, Inc. (PEPI) and its affiliate, Duta, Inc.
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