Phoenix creates Singapore subsidiary

PHOENIX PETROLEUM Philippines, Inc. said on Thursday that its board of directors had approved the creation of a wholly owned subsidiary in Singapore to manage the company’s overseas investments.

The new unit, to be named PNX Energy International Holdings Pte Ltd. “for purposes of managing international investments including expansion of related business activities and operations in the Asia Pacific region.”

PNX Energy International followed the formation by Phoenix Petroleum in September last year of PNX Petroleum Singapore Pte Ltd., which it described as the group’s trading and supply office.

The previous Singapore office serves as springboard for regional expansion of the group, Phoenix Petroleum had said.

Phoenix Petroleum is engaged in the trading of refined petroleum products on wholesale and retail basis and operating of gas stations, oil depots, storage facilities and allied services. Its operation is divided between trading, and terminalling and hauling services.

On Thursday, a holding company led by Dennis A. Uy, Phoenix Petroleum president and chief executive officer, subscribed to 340 million common shares of PXP Energy Corp. at a price of P11.85 per share.

In June, Phoenix Petroleum disclosed that it had signed a memorandum of understanding with a unit of China National Offshore Oil Corp. to develop a receiving terminal for imported liquefied natural gas in the country.

On Thursday, shares in Phoenix Petroleum were down 0.56% at P10.72 each. —