Ian
Nicolas Cigaral (philstar.com) - June 5, 2018 - 2:12pm
MANILA,
Philippines — Phoenix Petroleum Philippines, Inc. has signed a memorandum of
understanding with a unit of a Chinese oil major to study, plan and
develop a liquefied natural gas receiving terminal project in the Philippines.
In
a disclosure to the stock exchange, the Dennis Uy-led oil company said the MoU
with CNOOC Gas and Power Group Co. Ltd.—a subsidiary of China National Offshore
Oil Corporation—was signed on Tuesday, June 5.
“The
MOU for the LNG project will potentially broaden Phoenix Petroleum’s portfolio
of new businesses, which now includes LPG, convenience retailing, asphalt, and
e-transactions,” the country’s leading independent oil company said.
Uy
has been rapidly diversifying his businesses.
In
2017, the Davao-based oil company acquired Petronas Energy Philippines,
Inc., now Phoenix LPG Philippines, Inc.
Earlier
this year, Phoenix entered into the convenience store retailing business after
buying Philippine FamilyMart.
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