PHOENIX Petroleum Philippines Inc. (PPPI) is infusing over $12 million to its Singapore subsidiary, PNX Petroleum Singapore Pte. Ltd.
“The company’s board of directors, as of 24 September 2019, has approved the additional investment of $12.6 million in its wholly‐owned subsidiary to support the latter’s trading business,” said the oil firm on Tuesday.
Phoenix Petroleum Philippines Inc. senior vice president for external affairs Atty. Raymond Zorilla said the amount will help support the working capital requirements of PNX Petroleum Singapore to be able to purchase inventory for trading.
“The company’s trading operations has been expanding, and added equity supports the commitment of PPPI to PNX SG,” he said.
PPPI has another subsidiary in Singapore.
In October last year, it created PNX Energy International Holdings Pte Ltd., with an initial investment of $10,000.
PNX Energy will manage “international investments including expansion of related business activities and operations in the Asia Pacific region.”
This is the second subsidiary the oil firm established in Singapore after PNX SG.
PPPI has opened a total of 630 stations nationwide as of June 2019.
At end-June this year, the oil firm recorded a net income of P896.83 million, 7 percent lower from the prior year.
Revenues increased by 27 percent year-on-year to P51.20 billion as overall volume grew by 28 percent.
The company earlier said it expects to further leverage PNX SG’s scale and trading capability through its LPG trading desk that will serve not only Phoenix’s domestic and Vietnam LPG volume, but also other external customers in the region.