Phoenix Petroleum Philippines Inc. is looking to tie up with a subsidiary of state-run PT Pertamina Indonesia for fuel product supply and other trading activities in Indonesia and the Philippines.
In a disclosure to the Philippine Stock Exchange, Phoenix Petroleum said its board of directors has approved and authorized the company to enter into a strategic partnership with Singapore-based Pertamina International Marketing and Distribution Pte.Ltd.
The company said the strategic partnership would cover fuel product supply and other trading activities in Indonesia and the Philippines.
“This partnership is part of the company’s growth plans in Southeast Asia,” Phoenix Petroleum said.
Phoenix Petroleum has been aggressively expanding its network overseas in recent years.
In 2017, it established trading firm PNX Petroleum Singapore Ltd. Pte to enhance the petroleum importation efficiencies of the group and to provide access to fast growing markets in Southeast Asia.
The company said the Singapore unit serves as a springboard for its regional expansion.
Phoenix Petroleum has another Singapore-based subsidiary,PNX Energy International Holdings Ptr Ltd., created in 2017 to manage its international investments including expansion of related business activities and operations in the Asia Pacific region.
Phoenix Energy International Holdings Pte.Ltd also has a subsidiary based in Vietnam engaged in the liquefied petroleum gas(LPG) business.
The Dennis Uy-led firm earlier reported significant growth in its Vietnam LPG business in the second quarter of the year with a 409 percent increase in volume, with only selective movement restrictions and no widespread lockdowns in place in the country.
Phoenix Petroleum said it was able to reduce its net loss in the second quarter of 2020 to P5 million, lower than the P386 million net loss registered in the first quarter.
“With the sharp year-on-year decline in oil prices, which was recognized across the industry, revenues in the first half were lower by 30 percent,” the company said.
“However, limited inventory replenishment due to credit tightening curtailed recovery and resulted in weaker-than-expected volume in domestic fuel,” it added.
Catherine Talavera (The Philippine Star )
Source: Peso Economics
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