Phoenix Petroleum Philippines Inc. plans to expand in regional markets such as Vietnam, Indonesia, Myanmar, Thailand, and Australia, a corporate filing showed over the weekend.
Phoenix, in a filing with the Securities and Exchange Commission, said it might also take a 40-percent stake in Tanglawan Philippine LNG Inc., which just received from the Department of Energy a notice to proceed with the construction of a liquefied natural gas integrated hub in the country.
Phoenix is seeking stockholders’ approval on a proposed joint venture with China National Offshore Oil Corp. The partnership will establish a new company to manage and invest P250 million in the joint venture.
The company’s subsidiary also plans to acquire a 60-percent share in the property holding company for the LNG hub, Liwanag Philippine Property Management Inc. Phoenix will acquire a share when the joint venture establishes an LNG-powered power plant.
Phoenix is seeking approval from shareholders for the formation of a new wholly-owned subsidiary in Singapore, PNX Energy International Holdings Pte. Ltd., to manage the company’s foreign investments, including expansion of related business activities and operation in the Asia-Pacific region.
Phoenix, which will hold annual stockholders’ meeting on March 15, is seeking ratification of the company’s initial investment of $10,000 intended for PEIH’s initial operations.
It will use the initial investment to establish PEIH and shoulder the initial administrative and operational expenses of the company.
“The company expands regionally, it requires an appropriate corporate structure to ensure tax efficiency, a stable and fair legal environment, world-class infrastructure and access to high-quality international skills, thus the need to establish PEIH,” Phoenix said.
The company established the company in Singapore because of the country’s excellent financial and IT infrastructure and pro-business environment, major international air and sea hubs and a flexible tax regime.
“Other than holding shares in other foreign subsidiaries and generating passive investment income, PEIH may also carry out commercial activities such as conducting supply chain activities,” it said.