China National Offshore Oil and Phoenix Petroleum (Philippines) sign LNG and power deal

MOU to develop LNG terminals, gas-fired power plants in the Philippines

China National Offshore Oil Corp and Philippines-based Phoenix Petroleum have signed a memorandum of understanding to potentially jointly develop liquefied natural gas (LNG) terminals and gas-fired power plants in the Philippines. It was signed by CNOOC Gas and Power Group, a subsidiary of China National Offshore Oil Corp (CNOOC), China's largest LNG importer and terminal operator and the world's third largest. Signed on 5 June 2018 in Manila, the MOU involves an agreement to study, plan and develop an LNG receiving terminal and gas-fired power plant project in the Philippines.

Phoenix Petroleum, established in 2002, is the leading independent oil company in the Philippines. The company was listed on the Philippine Stock Exchange in July 2007 and is now a national brand. Business lines: petrol stations; refined petroleum products and lubricants for retail and commercial; bitumen for asphalt; operation of oil depots, storage and transport services; integrated logistics services including hauling and into-plane services of jetfuels; oil trading in southeast Asia and globally via PNX Petroleum Singapore; plus convenience stores.

In 2016 the company acquired Petronas Energy Philippines Inc, now Phoenix LPG Philippines Inc. Phoenix LPG Philippines sells and markets liquefied petroleum gas (LPG) and other petroleum products. The company was previously known as Petronas Energy Philippines Inc, a subsidiary of Petronas Dagangan Berhad (PDB), before it was acquired by Phoenix Petroleum in 2017.

Earlier in 2018 Phoenix bought Philippine FamilyMart as it diversified into convenience stores. The company recently broke ground for its asphalt plant under Phoenix Asphalt Philippines Inc, a joint venture of Phoenix Petroleum, TIPCO Asphalt of Thailand, and PhilAsphalt. Phoenix Petroleum also recently acquired a majority stake in digital transactions company Action.able.

Photo: Phoenix Petroleum

Date

13 Jun 2018

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