Phoenix Petroleum Philippines Inc. (PNX) has signed a non-binding memorandum of understanding (MOU) with global oil trading company Noble Clean Fuels Limited (NCFL) for a possible partnership in seeking offshore supply of petroleum products.
The company on Wednesday said for a period of five years, PNX and London-based NCFL will look at strategic investments in offshore supply of petroleum products and the operation of import terminals in the Philippines.
“The MOU between the two companies shall mull over and deepen a possible joint venture via strategic co-investments in brownfield assets of the Company and greenfield developments which includes the operations of import terminals in various locations in the country,” Phoenix Petroleum said.
Phoenix Petroleum Philippines Inc. president and CEO Dennis A. Uy and Noble Clean Fuels Limited Global CEO William James Randall signed the MOU.
NCFL is part of Noble Group Limited, which is engaged in the offshore supply, export and importation of petroleum products.
Phoenix Petroleum is the fastest growing oil company in the country with 495 stations as of end-September. The company is expanding its logistics, storage, and infrastructure in order to cater to its retail network expansion and commercial and industrial clients.