Phoenix, Noble Fuels ink offshore supply deal

Publicly-listed Phoenix Petroleum Philippines Inc. on Wednesday signed a non-binding memorandum of understanding (MOU) with Noble Clean Fuels Ltd. for a possible joint venture in offshore supply of petroleum products.

The arrangement also covers the operation of import terminals in various parts of the country.

With the MOU in place, both companies "shall mull over and deepen a possible joint venture via strategic co-investments in brownfield assets of the company and greenfield developments which include the operations of import terminals in various locations in the country," Phoenix Petroleum said in a disclosure to the Philippine Stock Exchange.

The deal was signed by Phoenix President and CEO Dennis A. Uy and Noble Fuels Global CEO William James Randall.

Noble Fuels is a global oil trading company engaged in sourcing, supplying and importing various petroleum products.

Phoenix Petroleum is an independent oil company. Trading in refined petroleum products and lubricants, operation oil depots and storage facilities, as well as shipping and logistics and allied services are its primary businesses.  It has 495 gas stations as of end-September 2016. — Ted Cordero/VS, GMA News