Phoenix Petroleum Philippines Inc. plans to expand its operations in the region, including Vietnam, Indonesia, Myanmar, Thailand, and Australia.
Phoenix Petroleum is seeking approval from its shareholders to form a new wholly-owned subsidiary in Singapore, PNX Energy International Holdings Pte. Ltd. (PEIH), which will manage the company’s foreign investments, including expansion of related business activities and operations in the Asia-Pacific region.
Phoenix Petroleum will be holding its annual stockholders’ meeting on 15 March, and is seeking ratification of the company’s initial investment of USD10,000 intended for PEIH’s initial operations.
It will use the initial investment to establish PEIH and shoulder the initial administrative and operational expenses of the company.
“The company expands regionally, it requires an appropriate corporate structure to ensure tax efficiency, a stable and fair legal environment, world-class infrastructure and access to high-quality international skills, thus the need to establish PEIH,” Phoenix Petroleum said.
In a filing with the Philippine Securities and Exchange Commission (SEC), Phoenix Petroleum also said it might also take a 40% stake in Tanglawan Philippine LNG Inc., which just received a notice to proceed with the construction of a liquefied natural gas integrated hub from the Philippine Department of Energy.
Phoenix Petroleum is seeking stockholders’ approval on a proposed joint venture with China National Offshore Oil Corp. (CNOOC). The partnership will establish a new company to manage and invest in the PHP 250 million (USD4.8 million) joint venture.
The company’s subsidiary also plans to acquire a 60% share in the property holding company for the LNG hub, Liwanag Philippine Property Management Inc.
Phoenix Petroleum will acquire the share when the joint venture establishes an LNG-powered power plant.