Phoenix Petroleum, Noble Fuels sign MOU on possible venture

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).