Phoenix Petroleum Inks Joint Venture Agreement

The Board of Directors of Phoenix Petroleum Philippines Inc. (PSE: PNX) has approved and authorized the execution of a joint venture agreement with TIPCO Asphalt Public Co. Ltd and Carlito B. Castrillo of PhilAsphalt (Dev’t) Corp. for the purpose of operating, marketing and distribution of Bitumen and Bitumen-related products in the Philippines.

TIPCO Asphalt is the leading manufacturer and distributor of asphalt products for repairing, maintenance and servicing and construction of road pavements, highways and airport runways in Thailand and the Asia-Pacific region. Its asphalt products are also sold to importers and road contractors in Africa, Australia and North America.

PhilAsphalt shall engage in the marketing, distribution and trading of all kinds of Bitumen and Bitumen-related products.

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