Phoenix to build 100 outlets

Phoenix Petroleum Philippines, Inc. said it plans to build 100 new service stations in the Philippines in 2008. Most of these stations would be located in Mindanao, specifically the northern region, where the company wants to have a strong presence. Phoenix President Dennis Uy said the firm sold 29 million common shares in an initial public offering at Php9.80 (US$0.23) per share in July 2007. The company requires an estimated Php150 million (US$3.5 million) to expand its terminal operations in the next two years and another Php100 million (US$2.3 million) for its retail business. Phoenix Petroleum, formerly Phoenix Fuels Life, started in the Davao area in 2002, as a family venture, and started servicing the petroleum needs of Cebu Pacific Airlines in 2004. It prides itself as the first homegrown player in the petroleum industry. (October 31, 2007)