Phoenix Petroleum, Petronas sign MOU to jointly explore a partnership in PH
It looks like another oil player may be looking at increasing its presence in the Philippine market.
Phoenix Petroleum and Malaysia-based Petronas recently signed a Memorandum of Understanding (MOU) to jointly explore a partnership in the Philippines. These include downstream marketing business and associated technology solutions.
Present during the signing of the MOU included key persons from both Petronas and Phoenix Petroleum. These included Phoenix Petroleum Chairman Dennis Uy, Petronas Vice President of Refining, Marketing, and Trading Ahmad Adly Alias, Petronas Head of Retail Brand and Licensing Solutions Ben Mahmud, and Phoenix President Henry Albert Fadullon.
Under the MOU, Petronas, and Phoenix Petroleum will conduct a joint feasibility study to take the collaboration to the next phase of execution. In addition, the two companies will come together to capitalize on high-quality fuels and innovative digital solutions. Once the partnership materializes, the collaboration will give Phoenix access to Petronas' branded market offerings, as well as its fuel/fluid technologies. In turn, Petronas will be able to expand its presence in the Philippines.
“Petronas is excited at the prospect of delivering an elevated fuel experience to customers in the Philippines. From our winning fuels derived from the Fluid Technology Solutions™ to our state-of-the-art digital and sustainable solutions, we will continue to innovate our range of offerings to deliver a seamless experience to more road users around the world,” said Alias.
This marks the second collaboration between the two companies. Both parties entered into their first agreement back in 2017 when Phoenix Petroleum acquired the entire LPG business of Petronas in the Philippines, now owned by the company’s subsidiary, Phoenix LPG Philippines, Inc.
While the news itself reads like Petronas will be expanding in the Philippines with Phoenix, would it be possible that the partnership might lead to something more? Like a full rebrand to Petronas perhaps?
In any case, we'll be keeping a close eye on this development between the fuel companies.