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Phoenix, Petronas deal talks run out of gas
The Philippine Star
|August 23, 2025
The partnership between Phoenix Petroleum Philippines Inc. and Malaysia's state-run energy giant Petronas remains stalled, showing no signs of progress even after more than two years.
Phoenix, owned by Davao-based businessman Dennis Uy, signed a memorandum of understanding (MOU) with Petronas in March 2023 to jointly explore a potential venture in the Philippine downstream market.
Despite mutual intention, however, the collaboration has yet to advance beyond the signing.
"At the moment, there is no further development with regard to the MOU signed with Phoenix Petroleum in 2023," the Malaysian gas company said in a statement to The STAR.
Nevertheless, Petronas said it remains open to new opportunities as it continues to actively explore potential partnerships globally.
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