Phoenix Petroleum Philippines Inc. said it has acquired 75% of what was formerly called Origin LPG Vietnam LLC through PNX (Vietnam) Pte. Ltd.
“We bought out Origin (Energy) Australia and a portion of the local partner CNI Co. to give us a controlling stake of 75%,” Phoenix Petroleum Vice President for External Affairs Raymond Zorrilla said. The remaining 25% is owned by a local partner, he said.
PNX (Vietnam) is a subsidiary of Singapore-based unit Phoenix Energy International Holdings Pte. Ltd., which was formed last October to manage the Philippine oil firm’s international investments, including its 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 the LPG business based in Ho Chi Minh City, Vietnam.
According to its website, Origin LPG Vietnam specialized in supplying LPG to 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. He added that the newly acquired business is at least two-thirds the size of PLPI (Phoenix LPG Philippines Inc.).