Phoenix Petroleum to complete bioethanol storage tanks by July

Two bioethanol storage tanks being constructed by Phoenix Petroleum in the Philippines are expected to be completed by July 2011, according to a company source. The two fuel-grade anhydrous bioethanol plants are being built in Davao and Cagayan de Oro in southern Philippines. The expected capacity for the storage facility in Davao is 3,000 cubic meters (cu m) and 8,000 cu m in Cagayan de Oro. These new storage tanks add to the company’s current facilities which include an 800-cubic meter tank in Batangas province. In addition, there is a facility in Subic Bay in Zambales province, with an unknown capacity. A source from the company indicates, “We are in talks with a company for a joint venture for another storage facility in Subic but it is not yet fixed.” Phoenix Petroleum currently has a contract with ED&F Man, which is headquartered in London, to purchase bioethanol on a monthly basis. Phoenix Petroleum is a rapidly growing independent oil company with 168 gas stations in the Philippines. It plans to add an additional 80 stations by the end of 2011. In addition, Phoenix is involved in trading refined petroleum products and lubricants, operates oil depots and storage facilities. Also Phoenix Petroleum supplies oil to the airline, shipping, fishing, mining, and power and transportation industries. (March 11, 2011)