DAVAO-BASED independent oil company Phoenix Petroleum Philippines, Inc. (Phoenix Petroleum) inaugurated on Thursday its newest terminal in Consolacion, Cebu.
The new terminal is the listed firm’s ninth facility in the country and its largest in the Visayas.
In a disclosure to the local bourse, Phoenix Petroleum said the new facility has a capacity of 15 million liters and can store diesel, gasoline, jet fuel, special fuel oil, and industrial fuel oil.
“The opening of our new terminal strengthens our foothold in the Cebu fuels market and improves our supply reliability in serving the needs of our commercial and retail businesses in the greater Visayas. This is part of our commitment to be an indispensable partner to our customers, wherever they may be,” Phoenix Petroleum President and Chief Executive Officer Dennis Uy said.
According to the company, the terminal was built to better serve the fuel and lubricant needs of the growing Phoenix retail network and of various commercial customers such as those in shipping, airlines, construction, mass transportation, and other industries in the Visayas.
For the first quarter of this year, the company posted a net income of P282 million, 11 percent higher than its earnings in the same period last year. Revenues were up 35 percent from a year ago at P8.7 billion, driven by a 39 percent increase in fuel sales.
The company has completed 515 Phoenix retail service stations as of the first quarter, with more stations being constructed and set to be opened this year.
Last month, the company announced it plans to acquire the liquefied petroleum gas (LPG) business of Malaysian oil and gas company Petronas Dagangan Berhad (PDB) in the Philippines.
Phoenix Petroleum said in March this year that it plans to spend P10 billion over the next three years for expansion, including possible acquisitions, to ramp up their aggressive growth plans.
Phoenix also continues to acquire new direct accounts to grow its commercial business portfolio, which include power, transport, construction, aviation, and manufacturing sectors.