Phoenix opens oil depot
Independent oil company Phoenix Petroleum Philippines Inc. is expanding its supply chain and logistics terminals by opening its first oil depot in Tayud, Consolacion this month.
This first company-owned depot in Cebu has the capacity to store 15 million liters of fuel, which will be supplied to 20 Phoenix gasoline stations operating here.
Phoenix Petroleum assistant vice president for the Visayas Richard Tiansay said the completion of the oil depot in Consolacion town will further cement the company’s presence in Cebu.
“We intend to build more stations in big cities as well as expand our network in the provinces,” said Tiansay, adding that they see government’s big-ticket infrastructure programs in the next six years as opportunities for oil companies to expand their presence.
Lawyer Raymond Zorrilla, the company’s vice president for external affairs and business development, said they hope to grow their stations across the country either through franchising or acquisitions.
The publicly listed firm, Zorrilla said, is banking on the country’s solid economic performance to realize its growth prospects.
He cited the robust growth of the auto industry as one of the strong factors that will sustain the increasing demand for fuel, as well as the strong and healthy business activities.
Phoenix Petroleum reported a net income of P282 million in the first quarter of 2017, an 11 percent growth from P255 million posted in the same period last year. Its revenues increased 35 percent to P8.7 billion, driven by a 39 percent increase in fuel sales.
Phoenix Petroleum president Dennis Uy was quoted in a report as saying the firm is allotting P10 billion for capital expenditures over the next three years for expansion, including possible acquisitions. The amount includes the P2 billion programmed for 2017. /