Phoenix said it was confident that the proximity of Brunei to the Philippines will improve the latter’s overall supply situation.
Dennis Uy-led Phoenix Petroleum Philippines Inc. finalized its acquisition of a controlling stake in a Vietnam-based liquefied petroleum gas (LPG) firm as part of its efforts to expand in the Southeast Asian region.
Phoenix told the Philippine Stock Exchange on Tuesday that its indirect subsidiary PNX Vietnam Pte. Ltd. successfully acquired a 75-percent stake in Origin LPG Vietnam LLC, now named Phoenix Gas Vietnam, for a total of $15.7 million.
“(The) acquisition is part of the growth expansion footprint of the company not only in the Philippines but also within the region,” the Philippine-listed firm said.
Origin LPG Vietnam LLC is a Ho Chi Minh-based firm engaged in the business of distribution and trading of LPG in Southern Vietnam. It specializes in supplying LPG to wholesale customers, retail, restaurant systems, hotels and industrial customers.
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It was mainly owned by Australia-based Origin Energy Holdings PTY LTD and Cong Ty Tnhh Cong Nghiep (CNI), a company registered in Vietnam.
Origin Energy owned 51 percent share of the Origin LPG Vietnam while CNI owned the remaining 49 percent.
Phoenix said it paid the full amount in cash.
The company is bullish on importing LPG products in the Philippines. Earlier this month, the group announced it was investing $12.6 million for its Singapore unit PNX Petroleum Singapore Pte. Ltd. to support its LPG trading business.
PNX Petroleum is a new company formed by the Phoenix group in September 2018 which it described as the group’s trading and supply office.
Earlier this month, Phoenix said PNX Petroleum is venturing into a LPG offtake from Brunei to the Philippines in line with its move to strengthen its network. PNX signed a partnership with Singapore-based Hengyi Industries International Pte. Ltd. for the LPG offtake venture.
Under the agreement, the group will purchase LPG from Hengyi Brunei refinery’s future production beginning this year.
Phoenix said it was confident that the proximity of Brunei to the Philippines will improve the latter’s overall supply situation, as Brunei would only need a day to deliver its supply to the country.
The venture would also beef up Phoenix’s petroleum source from its usual suppliers — China, Vietnam, Korea and Middle East.
