Phoenix Petroleum approves move into Singapore fuels market
Phoenix Petroleum Philippines, Inc. could be moving into the Singapore market soon after the approval of a establishing a trading company in the country.
The board of directors of Phoenix Petroleum Philippines has approved the formation of a trading company that will allow the company to enter the Singapore market and trade its fuel products, reports The Manila Times.
Phoenix Petroleum will spend about 510 million Philippine Peso (USD 10mn) for the establishment and operation of said Singapore-based trading company.
“In terms of expansion, we have big plans. We want to make sure that we don’t only offer fuels,” said Henry Albert Fadullon, chief operating officer of Phoenix Petroleum.
Phoenix markets refined petroleum products and operates gas stations, oil depots, storage facilities and allied services. It currently has 518 retail stations throughout the country.
