Phoenix Petroleum importing LPG from Brunei

With another milestone partnership, we are optimistic and excited about the future of this project as it opens new opportunities and possibilities for growth and progress for both companies and countries

The Singapore arm of the Dennis Uy-led Phoenix Petroleum has secured a contract to purchase liquefied petroleum gas from Brunei consistent with the goal of providing quality products and services from a network of suppliers.

DENNIS Uy-led Phoenix Petroleum Philippines Inc. is venturing into a liquefied petroleum gas (LPG) offtake from Brunei to the Philippines in line with its move to strengthen its network.

Phoenix told the Philippine Stock Exchange on Friday that it signed a partnership with Singapore-based Hengyi Industries International Pte. Ltd. for the LPG offtake venture.

Under the agreement, Phoenix, through its newly-acquired subsidiary PNX Conqueror, will purchase LPG from Hengyi Brunei refinery’s future production beginning this year.

“As we continue to expand the brand internationally and establish strong connections with complementary businesses from neighboring countries, we are relentless in forging ties with companies like [Hengyi] to be able to provide quality products and services to more and more communities,” PNX Petroleum Singapore Pte. Ltd. Director Henry Albert Fadullon said.

“With another milestone partnership, we are optimistic and excited about the future of this project as it opens new opportunities and possibilities for growth and progress for both companies and countries,” he added.

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.

PNX Energy International Holdings, Pte Ltd, meanwhile, recently entered the Vietnam LPG market through the establishment of Phoenix Vietnam Pte. Ltd. The latest LPG venture in Brunei is expected to support Phoenix’s LPG expansion in both the Philippines and Vietnam.