CEO Morning Brief

Petronas, Phoenix Petroleum to Explore Opportunities in Philippines

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Publish date: Fri, 24 Mar 2023, 08:46 AM
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TheEdge CEO Morning Brief
Petronas, Phoenix Petroleum to explore opportunities in Philippines

KUALA LUMPUR (March 23): Petroliam Nasional Bhd (Petronas) has inked a memorandum of understanding (MOU) with Phoenix Petroleum to jointly explore a partnership opportunity in the downstream marketing business and associated technology solutions in the Philippines.

In a joint statement, the parties said that under the MOU, Petronas and Phoenix will conduct a joint feasibility study to take the collaboration to the next phase of execution.

“This would see the two companies coming together to potentially create a unique experience, capitalising on high-quality fuels and innovative digital solutions.

“If materialised, the collaboration would give Phoenix access to Petronas’ branded marketing offerings, including its fuel and fluid technologies, while allowing Petronas to expand its footprint into the Philippines," it said.

The MOU marks the second collaboration between the two companies after their first agreement in 2017, when Phoenix acquired Petronas’ entire liquefied petroleum gas (LPG) business in the Philippines, now owned by the company’s subsidiary, Phoenix LPG Philippines Inc.

Petronas is present in over 90 countries, including the largest retail footprint in Malaysia with more than 1,000 stations, while Phoenix is a company with close to 700 retail stations across the Philippines and has expanded its business to Singapore and Vietnam.

Source: TheEdge - 24 Mar 2023

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