Dennis Uy enters LNG business
Davao-based businessman Dennis Uy’s Phoenix Petroleum has entered into a memorandum of understanding with China National Offshore Oil Corp. to conduct a study and develop a liquefied natural gas (LNG) receiving terminal in the Philippines.
The partnership agreement with the CNOOC unit, which is China’s largest LNG importer and terminal operator, is expected to broaden Phoenix’s portfolio of new businesses, which now includes LPG, convenience retailing, asphalt, and e-transactions.
Uy has been steadily building up his investment portfolio in the past two years or since President Duterte assumed office.
Last year, Phoenix acquired Petronas Energy Philippines. Earlier this year, it bought Philippine FamilyMart, marking its diversification convenience store retailing business. He also gained control of logistics giant 2Go Group Inc.
Established in 2002, Phoenix is the leading independent oil company in the country. In just 15 years, Phoenix has expanded its network and portfolio from trading and distribution of refined petroleum products to terminaling and hauling services, selling and marketing of liquefied petroleum gas, bitumen, and convenience store retailing.