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Phoenix, Petronas explore downstream oil business
PHOENIX Petroleum Philippines, Inc. has partnered with Malaysian state oil firm Petronas to jointly explore downstream marketing business and associated technology solutions in the country.
“With the technology and expertise of Petronas as the largest fuel retail network operator in Malaysia, combined with the deep knowledge and experience of Phoenix in terms of the local market, this synergy promises to be a new experience for our customers,” Henry Albert R. Fadullon, president and chief executive officer of Phoenix, said in a statement.
The partnership aims to create a “unique branded retail experience” and to capitalize on high-quality fuels and innovative digital solutions, Phoenix said. It would also give Phoenix access to Petronas’ branded retail business, including its fuel and fluid technologies while allowing the foreign firm to expand its presence into the Philippines.
The partners are set to conduct a joint feasibility study on what will be the next phase of the partnership.
“In our commitment towards customer centricity, Petronas is excited to deliver an elevated fuel retail experience to customers in the Philippines through this collaboration. From our winning fuels derived from the Fluid Technology Solutions™ to our state-of-the-art digital and sustainable solutions, we will continue to innovate and perfect our range of offerings to deliver a seamless experience to more road users around the world,” Ahmad Adly Alias said in the media release.
Phoenix said the partnership is the second collaboration between the two companies after their first agreement in 2017 when Phoenix acquired the LPG business of Petronas in the Philippines.
Phoenix has about 700 retail stations in the Philippines while Petronas operates in more than 100 countries.
On Wednesday, shares in Phoenix closed 1.25% higher to end at P8.10 apiece. — Ashley Erika O. Jose