Tipco Asphalt Public Company Limited resolved to invest up to USD 3 million (PHP 150 million or THB 100 million) to form a 40/40/20 Joint Venture Company in the Philippines among the company or one of its subsidiary, Phoenix Petroleum Philippines Inc. and Philasphalt Development Corporation in Philippines. Date of incorporation is by the end of first quarter 2018. Proposed company name is Phoenix Asphalt Philippines Inc.