Phoenix Petroleum Philippines, Inc. has entered into a strategic partnership with a subsidiary of Indonesia’s state-owned PT Pertamina (Persero) for the supply of petroleum products and exploration of regional opportunities.
The company told the exchange on Friday it has signed a new deal with Pertamina International Marketing and Distribution Pte. Ltd.
Pertamina International will be supplying petroleum products to Phoenix in the Philippines and Singapore. The partnership also allows them to “explore and co-develop other international downstream business opportunities in the region.”
Pertamina International, which was formed in 2019, is being used by PT Pertamina for overseas sales and marketing. The Indonesian firm has six refinery units with a total capacity of more than 1 million barrels a day.
“We are proud and happy to work with Pertamina as our supply partner,” Phoenix Petroleum President Henry Albert R. Fadullon said in the statement.
“As both homegrown oil companies, we believe that the synergy between Phoenix and Pertamina will bring mutual and complementing value and opportunities, especially since the Philippines and Indonesia are geographically situated close to each other,” he added.
Phoenix currently operates units in Singapore and Vietnam and has existing partnerships with other firms within the ASEAN.
During the first semester, Phoenix swung to an attributable net loss of P367.8 million, reversing its attributable net profit of P903.94 million in the same period last year.
Shares in the company at the stock exchange closed flat on Friday at P11 each. — Denise A. Valdez