Phoenix Petroleum allots P1.5B for next year's capex

MANILA, Philippines - Davao-based Phoenix Petroleum Philippines Inc. is allotting P1.5 billion for its capital expenditures next year, the company disclosed yesterday.

“Expansion of the company’s operations such as, but not limited to, retail network and depot facilities, supply operations with capital expenditures of about P1.5 billion by

2011,” it informed the Philippine Stock Exchange (PSE).

The publicly-listed oil company said it is also planning to raise funds through different financing schemes.

It added it would also consider tapping strategic partners to undertake its expansion projects.

Another fund-raising scheme being considered is the issuance of additional shares to support its capital requirements, the company said.

Phoenix currently has 153 retail stations across the country and is aiming for at least 160 stations by yearend. It has 119 stations in Mindanao, four in the Visayas, and 30 in Luzon.

Phoenix is primarily engaged in the downstream oil industry.

The company is into wholesale trading of refined petroleum products, lubricants and other chemical products. It also operates oil depots and storage facilities and allied services in Southern Philippines.

To support its operations, Phoenix is eyeing the newly acquired Batangas Union Industrial Park in Calaca, Batangas as its storage hub in Luzon.