Trans-Asia Oil changes name to Phinma Energy
January 27, 2016
The Philippine Star
By Danessa Rivera
January 27, 2016
Listed Trans-Asia Oil and Energy Development Corp. is changing its name to Phinma Energy Corp. to reflect the group’s brand in the power business.
In a disclosure to the Philippine Stock Exchange, Trans-Asia said its board approved the change in corporate name in a meeting in Jan. 25.
Trans-Asia is the oil and power development arm of holding firm Phinma Corp.
“The company, being a part of the Phinma Group, would like to use the Phinma brand in conducting its business,” the firm said.
In the same meeting, its board of directors also cleared the extension of the company’s corporate life by another 50 years.
“TA’s corporate term will expire on Sept. 8, 2019. Hence, for business continuity purposes, the company is seeking the necessary approvals for the extension thereof,” it noted.
Last November, Phinma president and CEO Ramon del Rosario Jr. said the energy unit will continue to boost its presence in the local power sector, targeting to double its capacity by 2020.
Currently, the group’s power portfolio is about 500 megawatts (MW).
Its new projects include a new 135-MW clean coal power plant in Calaca, Batangas, a project with the Ayala Group; an integrated 20-MW geothermal project in Sto. Tomas, Batangas with the Yuchengco Group and the Philippine National Oil Co.; and the 54-MW San Lorenzo wind farm in Guimaras Island.
Last year, it took over Power Barges 101, 1012 and 103 from the state-run Power Sector Assets and Liabilities Management Corp. (PSALM), with a combined capacity of 96 MW.
Other projects in the pipeline include the expansion of the 20-MW geothermal plant under Maibarara Geothermal Inc. (MGI) by another 10 MW. It is expected to be online by the first quarter of 2017.
Aside from energy and education, the Phinma Group is also into hotels, real estate, consultancy and steel products.