MANILA, Philippines — Phoenix Petroleum Philippines Inc. is exploring a handful of new businesses to create synergies with its existing product offerings, its top official said.
While demand for fuels continues to grow, the company is on the lookout for other possible investments, Phoenix president and CEO Dennis Uy said on the sidelines of the BusinessWorld Economic Forum 2018.
So far, the company has ventured into the bitumen production business and recently started construction of the asphalt plant at Calaca Industrial Seaport Park in Batangas with its partner Thailand-based TIPCO Asphalt Public Co. Ltd. and PhilAsphalt Development Corp.
Called Phoenix Asphalt Philippines Inc., the asphalt business should start early next year once the 12,000-MT plant is completed.
The acquisition of Family Mart earlier this year also provided an avenue for Phoenix to enter the convenience store segment.
Initially, Family Mart will be expanded separately with the gas stations but Uy said they are now planning to integrate the two segments within the year.
“It taps consumers of our petroleum market. In other countries, they go to convenience stores when they gas up. For us, it’s the opposite. We also have convenience stores in some of our gas stations. We also want to expand in that segment,” he said.
“We’re looking at it. We’re mapping it. Maybe within the year but it’s just a target,” he added.
Phoenix is also studying the possibility of going into the liquefied natural gas (LNG) sector with China National Offshore Oil Co. (CNOOC).
CNOOC is one of the companies that submitted proposals to state-run Philippine National Oil Co. (PNOC) and the Department of Energy (DOE) to build the government’s $2-billion LNG terminal to safeguard against the anticipated depletion of the Malampaya gas facility in 2024 and to become an LNG hub for Asia, complementing those in Japan and Singapore.