Philippines’s Phoenix Petroleum, China’s CNOOC Gas partner for LNG project
Philippine independent oil firm Phoenix Petroleum has signed a memorandum of understanding (MOU) with China’s CNOOC Gas and Power Group to develop a liquefied natural gas (LNG) receiving terminal project in the Philippines.
CNOOC Gas and Power Group is a subsidiary of China’s largest LNG importer and terminal operator, China National Offshore Oil Corporation (CNOOC).
The MOU would further diversify Phoenix Petroleum’s business portfolio, following its recent acquisitions in the retail, asphalt, LPG, and e-transaction sectors.
The company bought Petronas Energy Philippines, convenience store chain Philippine FamilyMart, and a majority stake in digital transactions company Action.able.
It also recently broke ground for its asphalt plant under Phoenix Asphalt Philippines, a joint venture of Phoenix Petroleum, TIPCO Asphalt of Thailand, and PhilAsphalt.
