By Myrna M. Velasco
Publicly listed Phoenix Petroleum Philippines, Inc. will up the stakes on industry competition in the asphalt production segment with its plan to set up its own bitumen facility within this year.
“Our plan, with our partner, is to offer different kinds of technology for the construction industry and road,” Phoenix Petroleum Chief Operating Officer Henry Albert F. Fadullon noted.
That investment proposition, he said, shall be underpinned by its proposed bitumen plant that is targeted coming to fruition in the coming months.
“Bitumen is the base product, but I think within the bituminous pitch, there is a lot of opportunity for innovation… that is where we see the opportunity in the Philippines,” he explained.
Fadullon indicated that the company is “planning to put up its our own plant in Calaca, Batangas – together with our joint venture partner.”
He said the plant’s capacity is still being cast on blueprint, and what he was just able to divulge as project detail, had been the target on having this business segment adding up to their portfolio this year. Just last month, Phoenix Petroleum sealed a joint venture deal with TIPCO Asphalt Public Company Ltd. (TIPCO) and Carlito B. Castrillo of PhilAsphalt Dev’t Corporation for the “operation, marketing and distribution of bitumen and bitumen-related products in the Philippines.”
TIPCO Asphalt leans on a track record of being “the leading manufacturer and distributor of asphalt products for repairing, maintenance, servicing and construction of road pavements, highways and airports in Thailand and the Asia Pacific region.”
This JV partner of Phoenix Petroleum in the asphalt industry has also been selling its products to importers and road contractors in Africa, Australia and North America.
The massive infrastructure build-up set forth by the Duterte administration is seen by many in the construction sector and related industries as prospect that could offer immense venture opportunities. Asphalt is a mixture of dark bituminous pitch with sand or gravel – and is a beneficial element in surfacing roads as well as in roofing or flooring of construction works.
Tags: asphalt industry, Carlito B. Castrillo, construction industry, Henry Albert F. Fadullon, Phoenix Petroleum, Phoenix Petroleum to set up bitumen facility, road pavements, TIPCO Asphalt Public Company Ltd.