Phoenix Asphalt Philippines, Inc., the joint venture of independent oil company Phoenix Petroleum, Thailand-based TIPCO Asphalt Public Co. Ltd, and PhilAsphalt Development Corporation, has broken ground for the construction of its own asphalt plant at Calaca Industrial Seaport Park in Batangas on May 3, 2018.
“The groundbreaking for the asphalt facility is a big development in our plans for Phoenix Asphalt Philippines. This new venture maximizes synergies of our well-established business in fuels with the construction sector, as we aim to provide a better and improved quality of asphalt in support of the government’s Build, Build, Build campaign,” said Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon.
In January, the three companies announced their joint venture to form Phoenix Asphalt Philippines, Inc. that will manufacture, operate, market, and distribute asphalt, asphalt-related products and other by-products of crude oil, and other petroleum products, and operate terminals and depots in the Philippines. Phoenix and TIPCO Asphalt each have a 40-percent stake in the joint venture while PhilAsphalt has 20 percent interest.
Phoenix Asphalt Philippines, Inc. is part of Phoenix Petroleum’s aggressive expansion plan that started with the acquisition of Petronas Energy Philippines, Inc. and Philippine FamilyMart, and the establishment of PNX Petroleum Singapore Pte Ltd. last year.
Last February, the company introduced Phoenix PULSE Technology—a fuel additive with advanced cleaning and protection properties for enhanced power and acceleration—and recently, the Phoenix RCBC Bankard Mastercard that offers pulse-racing lifestyle rewards for motorists including a 5 percent fuel rebate on Phoenix fuels.
Tipco Asphalt is the leading manufacturer and distributor of asphalt products in Thailand and the Asia-Pacific region.