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.
A JV company will be formed 30 days after the signing-with Phoenix Petroleum owning 40 percent, TIPCO
Asphalt another 40 percent and PhilAsphalt with 20 percent.
The Russian Federation, another source of newsprint by makers of low-cost paper products, chimed in, saying that Tipcos arguments in asking for higher tariffs were substantially flawed.
This position was relayed to Abon by the Russian Embassys Manila trade counselor Andrey Sapozhnikov, who said that Tipcos deteriorating finances could be attributed directly to the drop in demand for newsprint from local users.
But the most important arguments were raised by local players, who are also opposing Tipcos petition.
This business decision failed and Tipcos export sales generated more business losses from 2007 to 2011, forcing it to close down its exportation of newsprint in 2011 and to stop the operation of its export-oriented paper machine in October 2011," the position paper said.
In this case, Tipcos losses were due not from the competition brought by imported newsprint but from a bad investment.