Listed firm PHINMA Energy Corporation has merged its upstream business units on petroleum and geothermal energy under newly incorporated subsidiary PHINMA Petroleum and Geothermal, Inc.
The company’s corporate identity took off from the defunct Trans-Asia Petroleum Corporation – and this is part of the continuing re-branding process that the PHINMA Group has been pursuing.
Over the years, PHINMA group has its ventures in the upstream oil and gas segment and also cornered key partnership deal in the Maibarara geothermal power facility which is currently advancing into its 12-megawatt capacity expansion – the downstream component of the business.
The company has 25-percent stake in the project, of which first phase is already under commercial operation at 20 MW capacity.
PHINMA Energy further partnered with Basic Energy Corporation for prospective geothermal development in Mabini, Batangas for a potential capacity of 20 to 60 megawatts.
