By Myrna M.Velasco
Uy-led Phoenix Petroleum is reinforcing its business presence in Vietnam, primarily in its retail of liquefied petroleum gas (LPG).
The Filipino company’s expansion in Vietnam was formally cemented this year when it acquired 75 percent of Origin LPG Vietnam LLC, which the Uy firm had subsequently renamed to Phoenix Gas Vietnam.
The LPG business acquisition is based in Ho Chi Minh City and with established markets in Central and South Vietnam. It offers products and services across the chain, including: LPG trading, storage, warehouse, port as well as LPG tank servicing.
The Phoenix Gas Vietnam branches that are now catering to Vietnamese consumers include those in Da Nang, Long Thanh Rural District, Nah Trang and Cam Ranh.
Given the expansion base that Phoenix Petroleum had already established in the Vietnamese market, company Chief Operating Officer Henry Albert Fadullon noted that one of the key steps they’re taking is on “strengthening our ties in the country.”
As he emphasized, “we want the Vietnamese market to experience the full benefits of our growing LPG business, while it expands across Asia Pacific.”
Phoenix Gas Vietnam, which is the Uy-led company’s corporate vehicle in that offshore market, is a subsidiary of its Singapore-based Phoenix Energy International Holdings Pte. Ltd. (PEIH).
Aside from Vietnam, Phoenix Petroleum previously indicated that it will also be expanding in other offshore markets – chiefly in Indonesia, Myanmar, Thailand and Australia – and these will be channeled through its Singapore subsidiary.
For its Singapore operations in particular, the Filipino firm had allocated US$10,000 initial capitalization – and that had been targeted to bankroll its entry into the targeted Asia-Pacific markets.
So far, 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.
The first incorporated company in particular serves as the regional trading arm of Phoenix Petroleum for its procurement and sale of oil products. With its PNX Petroleum Singapore, the oil company noted that it “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.