Davao—(PHStocks)—Publicly-listed leading independent oil company Phoenix Petroleum Philippines Inc. (PSE: PNX) has signed a non-binding Memorandum of Understanding (MOU) with Noble Clean Fuels Ltd, a global oil trading company engaged in the business of sourcing, supplying, and importing of various petroleum products, for a possible Joint Venture Arrangement for the offshore supply of petroleum products and operation of import terminals within various parts of the country.
The MOU between the two companies shall mull over and deepen a possible joint venture via strategic co-investments in brownfield assets of the Company and greenfield developments which includes the operations of import terminals in various locations in the country.
Phoenix was represented by its President and CEO Dennis A. Uy while Noble Clean Fuels was represented by Global CEO, William James Randall.
Phoenix Petroleum is the fastest growing oil company in the Philippines with an expanding network of operations nationwide. It has opened a total of 495 stations as of the end of September 2016. The company is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping and logistics, and allied services.