Phoenix forms trading company to supply fuel products to Singapore
Phoenix Petroleum Corp. of Davao-based businessman Dennis Uy is putting up a trading company in Singapore, marking its first overseas expansion.
The new company will primarily engage in the supply and trading of Phoenix Petroleum’s fuel products in Singapore and eventually serve other third parties and customers.
To get the business started, Phoenix Petroleum will seek a P510 million loan facility from a group of banks.
The move is in line with the oil firm’s aggressive expansion program aimed at further accelerating growth.
Phoenix grew its first semester profit by 11 percent to P282 million on higher sales.
As of the end of March, Phoenix Petroleum had 515 retail service stations in operation with more slated for opening this year.
It has earmarked P2 billion for capital spending this year, mainly for the continued expansion of its retail network, storage and logistics.