Phoenix Petroleum Philippines Inc. is set to spend P10 billion to ramp up its aggressive growth plans through the expansion of its retail network, including acquisitions in the next three years.
The company disclosed this to the Philippine Stock exchange last week.
“We plan to spend P6 to 8 billion more over the next three years as we look to expand through acquisitions,” Phoenix president and CEO Dennis Uy said.
The said amount is on top of Phoenix’s P2 billion budget for capital expenditures in 2017 as it continues to increase its retail network, storage, and logistic capacities.
Phoenix is aiming to become the country’s third largest oil company by year-end.
As for possible acquisitions, Phoenix is eyeing any oil company of any size and or related business such as lubes, liquefied petroleum gas (LPG), etc, Vice president for external affairs Raymond Zorilla said.
Meanwhile, in retail network expansion, the company will be launching an average of 50 stations per year.
“An average of 50 stations per year will be built for the next two to three years, consistent with historical rate,” Zorilla said.
Phoenix Petroleum ended 2016 with 505 stations that partially helped the company record all-time high sales volume to 1.5 billion liters for the period.