Phoenix Petroleum opens new oil terminal in Cebu, acquires Petronas’ LPG business in the Philippines
Phoenix Petroleum Philippines Inc., one of the Philippines’ leading independent fuel retailers, has opened a new oil terminal in Consolacion, Cebu in the southern part of the country.
The new terminal is its ninth facility in the country and its largest in the Visayas group of islands, the company said in a disclosure to the Philippine Stock Exchange.
The Cebu terminal has a capacity of 15 million litres and can store diesel fuel, gasoline, jet fuel, special fuel oil and industrial fuel oil.
The terminal was built to better serve the fuel and lubricant needs of the company’s growing retail network and various commercial customers in the shipping, airlines, construction, mass transportation, and other industries in the Visayas group of islands.
“The opening of our new terminal strengthens our foothold in the Cebu fuels market and improves our supply reliability in serving the needs of our commercial and retail businesses in the greater Visayas,” Phoenix Petroleum President and Chief Executive Officer Dennis Uy said.
“This is part of our commitment to be an indispensable partner to our customers, wherever they may be,” he said.
The company primarily trades and markets refined petroleum products and lubricants. It operates oil depots and storage facilities. It is also in the business of hauling and into-plane services.
In related news, Phoenix Petroleum Philippines Inc. signed an agreement to acquire Petronas Dagangan Berhad’s (Petronas) liquefied petroleum gas (LPG) business in the Philippines for USD126.1 million (PHP6.4 billion). Phoenix Petroleum will acquire 100% of Petronas Energy Philippines Inc. and 40% of its affiliate Duta Inc. to pave the way for the oil firm’s entry into the LPG business.
“In terms of business and operations, the company is able to expand its product portfolio to include LPG,” Phoenix Petroleum said in a disclosure to the stock exchange.