PHOENIX Petroleum Philippines, Inc. said on Tuesday that its board of directors has approved the additional investment of $12.6 million in its wholly owned subsidiary PNX Petroleum Singapore Pte. Ltd. to support the latter’s trading business.
“The company’s trading operations has been expanding and added equity supports the commitment of [Phoenix Petroleum] to PNX SG,” Phoenix Petroleum’s Vice-President for External Affairs Raymond T. Zorrilla said in a text message to reporters.
He said the investment is an additional equity to support the working capital requirements to be able to purchase inventory for trading.
The capital boost comes after Phoenix Petroleum in July sought the consent of its note-holders to give the company the flexibility “to pursue and capture growth opportunities that will further strengthen its position as the country’s leading independent oil company.”
PNX Petroleum Singapore is the group’s trading and supply office. It serves as springboard for the regional expansion of the group. — Victor V. Saulon
