Independent oil player Phoenix Petroleum Philippines Inc. said Wednesday it acquired the local unit of Petroliam Nasional Berhad or Petronas, the national oil company of Malaysia.
Phoenix corporate secretary Socorro Ermac Cabreros said in a disclosure to the stock exchange the company’s board of directors approved the execution of a memorandum of understanding with PDB (Netherlands) B.V., a wholly-owned subsidiary of Petronas Dagangan Berhad for the 100-percent share acquisition of Petronas Energy Philippines Inc. and Duta Inc.
The planned acquisition is subject to the approval of the Philippine Competition Commission.
PEPI is primarily engaged in the business of selling liquefied petroleum gas in cylinders for household and commercial use and LPG in bulk for industrial use and autogas, an environment-friendly alternative fuel for vehicles.
”The proposed acquisition of PEPI and Duta strategically supports the company’s expansion in operation as well as product lines,” Phoenix said.
PEPI was incorporated on June 20, 1995 and registered with the Board of Investments as a pioneer industry for bottling and marketing of LPG in the Philippines.