DAVAO-BASED independent oil company Phoenix Petroleum Philippines, Inc. (Phoenix Petroleum) announced on Thursday it is acquiring the liquefied petroleum gas (LPG) businesses of Petronas Dagangan Bhd (PDB) in the Philippines for a total purchase price of $126.1 million (P6.39 billion). PEPI is engaged in the business of selling LPG in cylinders for household and commercial use as well as LPG in bulk for industrial use, and autogas, an environmentally-friendly alternative fuel for vehicles. In a disclosure to the local bourse, Phoenix Petroleum said that the total purchase price of $126.1 million will be satisfied entirely via cash for both PEPI and Duta. With the foray into the LPG space, Phoenix aims to build significant presence in the non-fuel petroleum markets which currently account for about one percent of the company’s business. Phoenix Petroleum is the leading independent oil company in the Philippines, engaged in the trading and marketing of refined petroleum products and lubricants, operation of oil depots and storage facilities, hauling and into-plane services.

Source: Manila Times July 06, 2017 17:15 UTC