BASED independent oil company Phoenix Petroleum Philippines Inc. (PNX) and London-based Noble Clean Fuels Limited (NCFL) on Wednesday signed a non-binding memorandum of understanding (MOU) for a possible joint venture in the offshore supply of petroleum products and operation of import terminals in various parts of the country.
“We would like to announce that the Company’s Board of Directors has approved and management has executed a non-binding MOU between Phoenix Petroleum Philippines and Noble Clean Fuels Limited for a possible Joint Venture Arrangement for a period of five years pertaining to strategic investments in brownfield assets and greenfield developments in the supply of fuels as well as import terminal operations of the company,” Phoenix Corporate Secretary Socorro Ermac Cabreros said in a letter to the Philippine Stock Exchange (PSE).
NCFL is a global oil trading company engaged in the business of offshore supply, export and import of petroleum products. It distributes gas, oil and oil products, electricity, coal, carbon, and metals in the United Kingdom, Germany, the Netherlands, Belgium, Austria, France, and Nordic regions. The company was incorporated in 2009 and operates as a subsidiary of Noble Group Limited.
Phoenix was represented by its president and CEO Dennis A. Uy while Noble Clean Fuels was represented by Global CEO William James Randall in the signing of the MOU.
Listed Phoenix Petroleum is the fastest growing oil company in the Philippines with an expanding network of operations nationwide. It has opened a total of 495 stations as of the end of September 2016. The company is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping and logistics, and allied services.