Monday 18 June
Powered by Ajaxy
Sep 22, 2017 @ 22:04

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.

Tags: , ,

Related Stories
Air Asia Philippines is adding more international flights from Cebu at it moves to the
The Securities and Exchange Commission has approved the merger between Max’s Group Inc.’s wholly-owned subsidiaries
Indonesian ride-hailing app Go-Jek said Thursday it would expand into Vietnam, Thailand, Singapore and the
April hot money flows remained positive for the second straight month.


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.