Listed firm Phoenix Petroleum Philippines Inc. has inked a memorandum of understanding (MOU) with Malaysia’s state-owned Petronas for possible tie-up for the marketing of the latter’s fuel products and introduction of its innovative technology solutions in the Philippine oil sector.
In a statement to the media, Uy-led Phoenix Petroleum said the business partnership is exploring “downstream marketing business and associated technology solutions.“
It emphasized that this kind of business relationship “will see the two companies come together to create a unique experience, capitalizing on high-quality fuels and innovative digital solutions.”
The MOU stipulates that Petronas and Phoenix Petroleum will conduct a joint feasibility study to take the collaboration to the next phase of execution.
Under the MOU, the Filipino oil firm will be given access to Petronas’ branded marketing offerings, including its fuel and fluid technologies.
In turn, the Malaysian energy firm will gain leeway when it comes to expanding its petroleum business footprint in the Philippines.
According to Ahmad Adly Alias, vice president of Refining, Marketing, and Trading Downstream Business, their company is keen on the prospect of delivering an elevated fuel experience to customers in the Philippines.
He added “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 our range of offerings to deliver a seamless experience to more road users around the world.”
On the part of Phoenix Petroleum, company president Henry Albert Fadullon conveyed that “partnerships and collaborations between brands have been in fashion for some time now… that’s what we’re doing with Petronas.”
He qualified “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.”
This is already the second business collaboration between Phoenix Petroleum and Petronas; a follow-through to their initial deal in 2017 when the Uy-led company acquired the liquefied petroleum gas (LPG) business of the latter in the Philippines.