Phoenix Petroleum Philippines Inc sets up trading office in Singapore
Phoenix Petroleum Philippines Inc has set up a trading office in Singapore, expanding in the region as it pushes to secure refined fuel to sell in its local market, according to reports
The Singapore office, which had its “soft opening” in the first week of November, says Reuters, will be the sole supplier of refined fuels to Phoenix in the Philippines
The company in 2018 will require 2 billion litres, or about 12.6 million barrels, of fuels including liquefied petroleum gas (LPG), up from the 1.7 billion litres this year and 1.5 billion litres in 2016, he said.
Phoenix Petroleum Philippines currently purchases its fuels from oil traders in the region who in turn procure supplies from refiners. The company hopes its Singapore office will be able to cut out such middlemen by buying directly from refiners.
Double-digit growth in automotive sales, as well as more infrastructure projects and airport expansions are also expected to boost appetite for refined fuels.
Phoenix will continue to look out for assets to acquire next year, Ong said. Earlier in 2017, it acquired the liquefied petroleum gas business of Petronas Dagangan in the Philippines for £124m back in August. http://www.lpgas.today/competition-authority-agrees-petronas-deal/
Meanwhile, U.S. consumers, who buy propane for home heating, are seeing costs this month up 17.2 percent from a year-ago, to an average $2.434 per gallon, according to U.S. Energy Information Administration data.