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Sunday, May 19, 2024

Phoenix bullish on LPG business in Vietnam

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Phoenix Petroleum Philippines is bullish on its liquefied petroleum business in Vietnam with the completion of an automatic refiling facility, a top executive said Tuesday.

Phoenix president Henry Albert Faudullon visited Vietnam recently for the commissioning of Phoenix Gas Vietnam’s new automatic carousel refiling facility which would increase refiling output by 600 percent.

“The project was completed within only 1.5 months—a testament to our business profitability and clear the path to even more growth,” Faudullon said.

“It will improve operational efficiency, customer promise and growth,” he said.

He said Phoenix also expanded its storage capacity in Vietnam to accommodate a full import vessel, “a testament to our company’s belief in Vietnam’s growth potential.”

Phoenix’s LPG business operations in Vietnam account for “a little more than half the size of our business in the Philippines,” Faudullon said.

Phoenix got 7.87-percent market share for LPG in the Philippines based on the Department of Energy’s Oil Supply/Demand Report for June 2021 vs. June 2022.

Phoenix expanded its LPG operations to Vietnam in 2019 when it completed the acquisition of 75 percent of Origin LPG Vietnam LLC, which was later renamed Phoenix Gas Vietnam.

Based in Ho Chi Minh City, with a presence in Central and South Vietnam, the business is involved in LPG trading, storage, warehouse, port and LPG tank servicing and other services, including repair and maintenance of LPG supply systems, LPG transportation and LPG warehouse and storage leasing.

It established branches in Da Nang, Long Thanh Rural District, Nha Trang and Cam Ranh.

Phoenix is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities; hauling and into-plane services; convenience store retailing, and trading and supply.

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