Phoenix Petroleum Philippines Inc has acquired 100 per cent shares in Petronas Energy Philippines Inc (Pepi), and Duta Inc for a total consideration of up to $126.1 million
Phoenix bought all interest owned by PDB Netherlands BV (PDBN) in Pepi and Duta. PDBN is an investment holding company of Petronas Dagangan Berhad (PDB), a Malaysia-based company engaged in retail and marketing of oil and gas products.
The latest deals marked Phoenix Petroleum’s foray into the LPG business which it views as “a strong strategic fit” as it broadens its product portfolio and petroleum presence across the Philippines, with cross-selling opportunities in fuel and LPG to consumers and corporates.
Founded in 2002, Phoenix Petroleum is engaged in the business of trading refined petroleum products, except LPG, and operation of oil depots.
Only last week, Phoenix Petroleum opened its ninth facility in the Philippines and its largest in the Visayas region. The new terminal has a capacity of 15 million liters and can store diesel, gasoline, jet fuel, special fuel oil, and industrial fuel oil.
The company completed 515 Phoenix retail service stations as of the first quarter, with more stations being constructed to be open this year