DAVAO-BASED Phoenix Petroleum Philippines is prepared to spend P10 billion over the next three years on expansion, including possible acquisitions, to ramp up its aggressive growth plans.
In a disclosure to the Philippine Stock Exchange (PSE), independent oil company said the amount is on top of P2 billion earmarked for capital expenditures this year as it continues to increase its retail network, storage and logistic capacities.
“We plan to spend P6 to 8 billion more over the next three years as we look to expand through acquisitions,” President and CEO Dennis Uy said during the company’s annual stockholders’ meeting on March 15, 2017.
Phoenix Petroleum is one of the fastest oil companies today. It is in the business of trading refined petroleum products and lubricants, operating oil depots and storage facilities, hauling and into-plane services.
The company posted P1.09 billion of profits and sold a record 1.5 billion liters in 2016 as sales volume from retail, commercial, and aviation segments grew. The company increased its number of filling stations to 505 nationwide from 454 in 2015.