August 23, 2025 | 12:00am
MANILA, Philippines — The partnership between Phoenix Petroleum Philippines Inc. and Malaysia’s state-run power large Petronas stays stalled, exhibiting no indicators of progress even after greater than two years.
Phoenix, owned by Davao-based businessman Dennis Uy, signed a memorandum of understanding (MOU) with Petronas in March 2023 to collectively discover a possible enterprise within the Philippine downstream market.
Regardless of mutual intention, nonetheless, the collaboration has but to advance past the signing.
“For the time being, there is no such thing as a additional improvement with regard to the MOU signed with Phoenix Petroleum in 2023,” the Malaysian gasoline firm mentioned in an announcement to The STAR.
However, Petronas mentioned it stays open to new alternatives because it continues to actively discover potential partnerships globally.
“(The corporate) continually opinions and revalidates its strategic choices and partnerships topic to technical and business feasibility,” it mentioned.
The partnership between Phoenix and Petronas was envisioned to offer the previous with entry to the latter’s branded advertising merchandise, together with gasoline and fluid applied sciences.
Had it materialized, the strategic tie-up would have additionally enabled Petronas to increase its presence within the Philippines.
The MOU marked the second collaboration between the 2 events following Phoenix’s acquisition of Petronas’ total liquefied petroleum gasoline enterprise within the Philippines in 2017.
Earlier, a Petronas official instructed The STAR that the corporate was able to enter the Philippine liquefied pure gasoline (LNG) market, contemplating investments in key infrastructure corresponding to import terminals.
“The Philippines is a market that’s rising. You’re retiring your coal vegetation, and as all the time, we’re prepared to debate with any potential companions that require LNG,” Petronas LNG Ltd. CEO Ezran Mahadzir mentioned.
“Together with your financial progress comes power progress, and we consider that gasoline is the gasoline of alternative,” he mentioned.
As an built-in power firm, Petronas at the moment operates in over 100 international locations.
Phoenix, in the meantime, just lately disclosed plans to promote its gasoline station in Cebu to High Line Enterprise Improvement Corp. for P8.5 million.
The deliberate sale aligns with the corporate’s technique to boost capital in response to mounting obligations to collectors and shareholders.
Phoenix can be finalizing negotiations on a legal responsibility administration train to restructure its debt in a bid to facilitate monetary restoration.
“As soon as that is finalized, then we mission the corporate’s eventual restoration and enchancment, as we will already appeal to potential buyers and dealing capital funding,” it mentioned in a disclosure final week.