The joint venture of leading independent fuel company Phoenix Petroleum, TIPCO Asphalt Public Co. Ltd, and PhilAsphalt Development Corporation – Phoenix Asphalt Philippines, Inc., has broken ground for the construction of its own asphalt plant at Calaca Industrial Seaport Park.
Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon, said “The groundbreaking for the asphalt facility is a big development in our plans for Phoenix Asphalt Philippines. This new venture maximizes synergies of our well-established business in fuels with the construction sector, as we aim to provide a better and improved quality of asphalt in support of the government’s Build, Build, Build campaign.”
Phoenix Asphalt Philippines, Inc. is the joint venture of the three companies to manufacture, operate, market, and distribute asphalt, asphalt related products and other by-products of crude, and other fuel products, and operate terminals and depots in the Philippines. A 40-percent stake is owned by Phoenix and TIPCO Asphalt while PhilAsphalt has 20 percent interest. PWKD10052018
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