Kuala Lumpur (VNA) –  Malaysia’s Petroliam Nasional Bhd (PETRONAS) and the Philippines’ Phoenix Petroleum have inked a memorandum of understanding (MoU) to jointly explore a partnership in downstream marketing business and associated technology solutions in the Philippines.

Accordingly, the two sides will conduct a joint feasibility study to take the collaboration to the next phase of execution.

According to PETRONAS, the collaboration would give Phoenix Petroleum access to its branded marketing offerings, including fuel and fluid technologies, while allowing the Malaysian group to expand its footprint into the Philippines.

The MoU marked the second cooperation between the two companies after their first agreement in 2017 when Phoenix Petroleum acquired PETRONAS’ entire LPG business in the Philippines.

PETRONAS has presence in over 90 countries including the largest retail footprint in Malaysia with more than 1,000 stations, while Phoenix Petroleum is a company with close to 700 retail stations across the Philippines./.