Dennis Uy sets P10B capital spending for Phoenix Petroleum
Leading independent oil company Phoenix Petroleum Philippines Inc. has alloted P10 billion over the next three years for strategic acquisitions.
“We plan to spend P6 billion to P8 billion more over the next three years as we look to expand through acquisitions,” Phoenix president and CEO Dennis Uy told stockholders during the firm’s annual stock holdera meeting Wednesday.
The P10 billion expansion is on top of the P2 billion budget for its retail network, storage, and logistic capacities expansion.
Phoenix reported a net income of P1.09 billion as it sold a record 1.5 billion liters in 2016 from its 505 stations nationwide.