Phoenix Petroleum eyes LNG venture with Chinese firm


Posted at Jun 06 2018 11:11 AM

MANILA - Phoenix Petroleum said it signed a memorandum of understanding with China's CNOOC Gas and Power Corp to develop a liquefied natural gas terminal project in the Philippines.

The venture with CNOOC Gas and Power will broaden Phoneix's portfolio, which also includes cooking gas, asphalt, electronic transactions and convenience stores, the company told the stock exchange late Tuesday.

CNOOC Gas and Power is a subsidiary of China National Offshore Oil Corp or CNOOC.

Phoenix, controlled by tycoon Dennis Uy, earlier this year announced plans to acquire the Philippine operations of Japanese convenience store chain Family Mart