MANILA -- Phoenix Petroleum Philippines Inc. is expanding its portfolio of petroleum products by entering into a joint venture deal with a Thailand-based company and a local firm to market and distribute bitumen, one of the by-products of crude oil refining.

Phoenix told the local bourse that its board of directors on Tuesday approved and authorized the execution of a joint venture agreement with TIPCO Asphalt Public Company, Limited and Carlito Castrillo of PhilAsphalt (Dev’t) Corporation.

“Phoenix's strategic focus will be on creating growth and opportunities in highly attractive industries and markets that are complementary to its core fuel business and are underpinned by strong macroeconomic fundamentals,” it said.

Phoenix said the joint venture company shall have a total authorized capital stock of about PHP275 million.

It has an equity structure of 40 percent each for Phoenix and TIPCO Asphalt, and 20 percent for PhilAsphalt, it added.

TIPCO Asphalt is the leading manufacturer and distributor of asphalt products for repairing, maintenance and servicing and construction of road pavements, highways and airport runways in Thailand and the Asia-Pacific region.

Its asphalt products are also sold to importers and road contractors in Africa, Australia and North America.

PhilAsphalt shall engage in the marketing, distribution and trading of all kinds of bitumen and bitumen-related products. (PNA)