Businessman Dennis Uy further expands his oil business overseas as it acquired a majority stake in Vietnam’s major liquefied petroleum gas (LPG) company as part of its Asia-Pacific expansion.
Listed independent oil firm Phoenix Petroleum Philippines Inc. said it acquired 75 percent of what was formerly called Origin LPG Vietnam LLC through PNX Ltd. “We bought out Origin (Energy)Australia and a portion of the local partner CNI Co. to give us a controlling stake of 75 percent,” Phoenix Petroleum vice president for external affairs Raymond Zorrilla said.
“We own 75 percent of formerly Origin (LPG) Vietnam, (while) 25 percent is owned by a local partner. The business is at least 2/3 the size of PLPI (Phoenix LPG Philippines Inc.),” he said.
PNX Vietnam is a subsidiary of Singapore-based unit Phoenix Energy International Holdings Pte. Ltd., which was formed in October last year to manage the oil firm’s international investments including expansion of related business activities and operations in the Asia-Pacific region.
After acquiring Origin LPG Vietnam, it was renamed Phoenix Gas Vietnam LLC (PGV LLC), which is engaged in LPG business operating based in Ho Chi Minh City. According to its website, former Origin LPG Vietnam specializes in supplying LPG for wholesale customers, retail, restaurant systems, hotels and industrial customers.
“We will leverage on our LPG trading desk in Singapore to consolidate the volume of domestic LPG and Vietnam and provide scale,” Zorrilla said.