Phoenix Petroleum & CNOOC sign MoU for LNG project

The Philippines’ leading independent oil company, Phoenix Petroleum, and CNOOC Gas and Power Group Co. Ltd., a subsidiary of China National Offshore Oil Corporation (CNOOC), have signed a Memorandum of Understanding (MoU) for the development of an LNG terminal in the Philippines.

Phoenix Petroleum and CNOOC Gas and Power Group signed the MoU on June 5, 2018 in Manila to study, plan, and develop an LNG receiving terminal and gas-fired power plant project in the Philippines.

The LNG project will potentially broaden Phoenix Petroleum’s portfolio of new businesses, which now includes LPG, convenience retailing, asphalt, and e-transactions.

Last year, the company acquired Petronas Energy Philippines, Inc., now Phoenix LPG Philippines, Inc. Earlier this year, Phoenix bought Philippine FamilyMart as it diversified to the convenience store retailing business. The company also recently broke ground for its asphalt plant under Phoenix Asphalt Philippines, Inc., a joint venture of Phoenix Petroleum, TIPCO Asphalt of Thailand, and PhilAsphalt. Last week, Phoenix Petroleum acquired a majority stake in digital transactions company Action.able.

For more information, visit: www.phoenixfuels.ph

7th June 2018