Phoenix Petroleum mulls expansion in Australia, 4 Asian countries

Published March 27, 2019, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

Uy-led Phoenix Petroleum Philippines, Inc. will be expanding investments in at least five countries in the Asian region – with it targeting Australia, Indonesia, Myanmar, Thailand and Vietnam.

The company said the offshore investments will be channeled through its subsidiary PNX Energy International Holdings Pte. Ltd. (PEIH) that was incorporated in Singapore around September last year.

“PEIH was established to manage the company’s international investments – as the company explores possible investments in different regional markets such as Vietnam, Indonesia, Myanmar, Thailand and Australia,” official company documents stipulated.

At its Shaw House office in Orchard Road, Singapore, three subsidiaries are already housed: PNX SG, PNX Energy and PNX Vietnam.

For this energy investment subsidiary, the initial capitalization earmarked by parent firm Phoenix Petroleum had been at US$10,000 – mainly intended to bankroll the commencement of its operations across targeted offshore markets.

There are no definitive pronouncements yet what specific energy investments PEIH will be pursuing in each country – although it is apparent that the latest foray of businessman Dennis Uy is into liquefied natural gas (LNG) and prospective power plant developments.

PEIH is already the second international arm that the Uy-led company has incorporated in Singapore – the first one was PNX Petroleum Singapore Pte Ltd. in October 2017.

That company in particular serves as the regional trading arm of Phoenix Petroleum for its procurement and sale of oil products.

PNX Petroleum Singapore, according to Phoenix, “is able to buy directly from the refineries in the region due to its bigger requirements.”

From that purchasing leverage that it has been gaining traction on, PNX Petroleum can also “take orders and sells to other local and regional buyers.”

Phoenix Petroleum has long been indicating its plan to broaden its base overseas – given that its business foothold in the Philippines had already been spread across energy sub-segments; while affiliate firms under Udenna Corporation are also into various industries from telecommunications to real property development, casino, education and food, among others.