Phoenix, Thailand’s TIPCO to jointly establish bitumen distribution center
Phoenix Petroleum Philippines Inc. has entered into a joint venture with TIPCO Asphalt Public Co. Ltd. of Thailand and Asphalt Dev’t Corp. to distribute all kinds of Bitumen in the Philippines.
A joint venture company, PhilAsphalt has been formed to serve as the corporate vehicle for the project.
Bitumen is an oil substance used in asphalting roads and roofing.
The project is aimed at taking advantage of the expected surge in public and private spending on infrastructure.
Owned by Davao-based businessman Dennis Uy, Phoenix is the leading independent and fastest growing oil company. It is engaged in the business of trading refined petroleum products and lubricants, operation of oil depots and storage facilities, shipping and logistics, and allied services.
TIPCO Asphalt, on the other hand, is the leading manufacturer and distributor of asphalt products for repair, maintenance and construction of road pavements, highways and airport runways in Thailand and the Asia‐Pacific region.
Its asphalt products are also sold to importers and road contractors in Africa, Australia and North America.