Philippines: Phoenix Petroleum acquires LPG business

Phoenix Petroleum Philippines is acquiring LPG seller Petronas Energy Philippines (PEPI), a subsidiary of Malaysian firm Petronas Dagangan Berhad (PDB).

In a disclosure to the stock axchange, Phoenix Petroleum said its board had approved the planned 100% share acquisition of LPG distributor PEPI.

PEPI has been in the retail business for 20 years, selling bulks of LPG in cylinders for industrial, household and commercial use, as well as environmental alternative fuels like autogas for vehicles.

“We are very excited about this asset not only because it represents a new product that Phoenix can offer but also because we know that it has been operated in line with the operating standard of Petronas, a Fortune 500 company,” said Dennis Uy, president and chief executive officer.

Phoenix Petroleum Philippines is the leading independent oil company in the country. Since its first station in 2005 in Davao, it has expanded nationwide to build a wide network of retail stations.