Phoenix Petroleum set to open Bacolod depot

Sunday, February 19, 2012

PUBLICLY listed leading independent oil company Phoenix Petroleum Philippines Inc. is set to open its depot terminal in Bacolod soon as part of the firm's aggressive expansion program for 2012.

Pinky Ermac Cabreros, Phoenix Petroleum's AVP for corporate legal, said that aside from Bacolod depot, they are expanding their presence in Northern Mindanao this year by setting up more gas stations.

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Cabreros said the Bacolod depot opening is set in the last week of this month or the first week of March.

"We are going to open it soon," Cabreros told Sun.Star Davao.

Phoenix is also opening a depot in Cebu while expanding its existing depot terminal in Davao.

On top of this, Cabreros said they are erecting stations in Northern Mindanao like Ozamis and Zamboanga peninsula.

"We are going to be very visible in these areas," she said.

The homegrown company earlier announced it is opening up 100 more stations all over the Philippines this year. The massive expansion program involved some P500 million to be realized.

By the end of 2011, Phoenix had put up around 220 stations nationwide. Mindanao has the most number of stations with 151, Luzon has 58 and Visayas has 11.

Just days ago, Phoenix said it recorded a net income of P510 million in 2011, or an increase of 19 percent from its previous year's earnings of P427 million.

The firm also announced that its consolidated revenues grew by 86 percent to P27.47 billion in 2011 from P14.79 billion in 2010.

"A substantial portion of this growth was brought about by the 52 percent increase in fuel sales volume during the year plus the around 22 percent average increase in fuel selling prices compared to 2010 as a result of company product sales mix and increasing crude prices," Phoenix said in a statement.