Phoenix Petroleum OK'd to acquire Petronas Energy Philippines

Independent Philippine fuel distributor Phoenix Petroleum has secured the approval of the Philippine Competition Commission to acquire Petronas Energy Philippines Inc. (PEPI), a subsidiary of Malaysia’s Petronas Dagangan Berhad engaged in the business of buying, selling, storing, distributing, and marketing of liquefied petroleum gas (LPG).

The acquisition, worth $126.1 million, also included the purchase of Duta Inc., a company that manages and holds various parcels of land used in relation to the business operations of PEPI, according to the Philippine Star.

This transaction is set to expand Phoenix Petroleum’s LPG portfolio.

“The company views the LPG business as a strong strategic fit as it broadens its product portfolio and petroleum presence across the country, with cross selling opportunities in fuel and LPG to consumers and corporates,” stated Phoenix Petroleum.