DAVAO-based independent oil player Phoenix Petroleum Philippines Inc. continues its expansion by opening six more stations in July, bringing to 68 the number of stations of the independent oil company in just three years.

“This is just the start of many expansions,” Phoenix president and chief executive Dennis Uy told the BusinessMirror.

“We continue to invest despite the challenges in the industry because we are confident of the prospects.”

The additional six stations opened in Davao City, Shariff Kabunsuan, Cotabato and Sultan Kudarat in Mindanao.

By the end of the year, Phoenix would have expanded to the north and opened its first retail stations in Metro Manila, Northern Luzon and Cebu. Phoenix targets a total of 100 stations by year-end.

Phoenix already established retail-service stations operating in major parts of Mindanao, such as Davao City, Davao del Norte, Davao del Sur, Compostela Valley, Surigao, Bukidnon, North Cotabato, South Cotabato, Agusan del Sur and Sultan Kudarat.

The Davao-based Phoenix currently has a market share of 23 percent in the Davao region and 9 percent in Mindanao in terms of number of retail stations.

To support the expansion, Phoenix will be constructing and expanding terminals and depots in strategically located sites. Its Dumaguit, Aklan, depot was inaugurated in March.

Phoenix posted a net income of P122 million in 2007, a robust growth of 65 percent compared with 2006. Revenues, likewise, grew by 59 percent to P2.377 billion in 2007, compared with the 2006 revenue of P1.494 billion.

The growth was fueled by substantial increase in sales of petroleum products and revenue in storage, logistics and into-plane services.

Phoenix Petroleum Philippines Inc. went public on July 11, 2007, the first petroleum company to list on  the Philippine Stock Exchange after the passage of the 1998 Downstream Oil Industry Deregulation Act.

The company is engaged in the business of trading refined petroleum products, lubricants, chemicals and an array of car-care products and accessories.

It also provides services such as depot operation, depot storage, logistics, into-plane and allied services.

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