Power

Phoenix inks supply deal with Indonesian firm

Business magnate Dennis Uy’s Phoenix Petroleum Philippines Inc. has entered into a fuel supply contract with Pertamina International Marketing and Distribution Pte. Ltd.

Phoenix said the partnership is part of the company’s growth plans in Southeast Asia.

The independent oil player has cut its capital spending this year by half to P1.5 billion to preserve cash amid the difficult business environment.

Despite the near term pressures and uncertainties today, Phoenix is confident that its business plan, which will focus more on higher margin and higher growth businesses such as retail and LPG will not only preserve resources but also ensure that the company will remain well positioned and will thrive when the industry recovers.

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