Phoenix Petroleum Philippines Inc. has reached an agreement with Absolut Distillers, Inc. (ADI) on the payment of its debts.
In a disclosure to the stock exchange, Phoenix corporate secretary Soccoro Ermac Cabreros said a settlement was reached with ADI and Asian Alcohol Corp. It gave no other details except that the deal was based on an “agreed and reasonable” payment plan.
Further, it said that the Regional Trial Court Branch 14 in Nasugbu, Batangas has lifted the garnishment order pursuant to the writ of preliminary attachment it previously ordered.
Phoenix Petroleum is engaged in the nationwide trading and marketing of refined petroleum products, including LPG and lubricants, operation of oil depots and storage facilities, hauling and into-plane services; convenience store retailing; and trading and supply. It has a total of 697 operating retail service stations as of end-September this year.
Recently, it’s car care business Autoworx Plus signed a five-year contract with GS Battery distributor Pollux Marketing.
Under the partnership, GS Battery products will be made available in all seven Autoworx Plus branches in Luzon.
The price of the GS Battery is competitive against other battery brands, according to representatives from Phoenix and Pollux, and these batteries are installed in major Japanese car brands like Toyota, Mitsubishi, and Honda.
“Our streets are flooded with Japanese brands, and the best way to connect and establish credibility to our car care business is to bring in this partnership with Pollux Marketing as they are the distributor of the number one battery in Japan, GS Battery,” said Phoenix Senior Vice President Raymond Zorrilla.
Pollux has been a GS Battery distributor in the Philippines for more than four decades. “With this partnership with Phoenix, we are confident that we will be able to help boost each other’s brand, and make our products more appealing in the country,” said Pollux Marketing owner and operator Leonard Ho.