Phoenix Asphalt Philippines Inc., the joint venture of Phoenix Petroleum Philippines, TIPCO Asphalt Public Co. Ltd. of Thailand and PhilAsphalt Development Corp., broke ground on the construction of an asphalt plant at Calaca Industrial Seaport Park in Batangas.
“The groundbreaking for the asphalt facility is a big development in our plans for Phoenix Asphalt Philippines. This new venture maximizes synergies of our well-established business in fuels with the construction sector, as we aim to provide a better and improved quality of asphalt in support of the government’s Build, Build, Build campaign,” said Phoenix Petroleum chief operating officer Henry Albert Fadullon.
The three companies announced their joint venture to form Phoenix Asphalt in January that will manufacture, operate, market and distribute asphalt, asphalt-related products and other by-products of crude oil, other petroleum products, and operate terminals and depots in the Philippines.
Phoenix and TIPCO Asphalt each have a 40-percent stake in the joint venture while PhilAsphalt has a 20 percent interest.
Fadullon earlier said the company planned to put up a bitumen plant in Calaca, Batangas within the year as part of the company’s aggressive expansion program.
“Yes, we are planning to put up our own plant in Calaca, Batangas together with our joint venture partner. No capacity yet. Within the year, we will be having the aspalt business in place,” Fadullon said.
Phoenix Asphalt, with a capitalization of P275 million, is part of Phoenix Petroleum’s aggressive expansion plan that started with the acquisition of Petronas Energy Philippines Inc. and Philippine FamilyMart, and the establishment of PNX Petroleum Singapore Pte Ltd. last year.
The company in February introduced Phoenix PULSE Technology—a fuel additive with advanced cleaning and protection properties for enhanced power and acceleration.
Tipco Asphalt is the leading manufacturer and distributor of asphalt products in Thailand and the Asia-Pacific region.
