Phoenix Petroleum Philippines Inc. announced it is proceeding with its portfolio expansion plans into the LPG market with Petronas Energy Philippines Inc. (PEPI), the oil distributor disclosed to the Philippine Stock Exchange (PSE) on Tuesday.
Phoenix Petroleum now holds 100 percent controlling interest in the PDB (Netherlands) B.V.’s shares in Petronas Energy and Duta, Inc., which closed with a $126.1 million or P6.27 billion deal this month.
The Philippine Competition Commission (PCC) approved the Phoenix-Petronas deal last August 4 as “it does not result in a substantial lessening of competition in the relevant market.”
Petronas is involved in the country’s LPG business in the Visayas and Mindanao regions while Duta accommodates land holdings used for Petronas’ operations.
The acquisition, Phoenix Petroleum said, is the company’s initiative in making its way into the petroleum industry and would enable them to broaden their portfolio of products and services, provide excellent service, and improve operational efficiency.
The listed independent oil company currently registered a 35 percent solid growth for the first half of 2017 with its core income surged to P610 million brought by its strong petroleum sales.
It has also completed its 518-target retail service stations last June and has maintained its lubricant sales volume up to 18 percent.
“We will continue to sustain the growth momentum of our company as we expand our retail, commercial, lubricants, and LPG businesses, drive operational excellence, and acquire companies,” President and CEO Dennis Uy said.
