Phoenix Petroleum Philippines on Thursday opened its ninth terminal in the country.
The independent oil firm inaugurated its newest terminal in Consolacion, Cebu. This is the largest in the Visayas.
The new terminal has a capacity of 15 million liters and can store diesel, gasoline, jet fuel, special fuel oil and industrial fuel oil. It was built to better serve the fuel and lubricant needs of the growing Phoenix retail network and of various commercial customers, such as those in shipping, airlines, construction, mass transportation and other industries in the Visayas.
“The opening of our new terminal strengthens our foothold in the Cebu fuel market and improves our supply reliability in serving the needs of our commercial and retail businesses in the Greater Visayas area. This is part of our commitment to be an indispensable partner to our customers, wherever they may be,” Phoenix Petroleum President and CEO Dennis Uy said.
Phoenix Petroleum is the leading independent oil company in the Philippines and the independent with the largest storage capacity. It is engaged in the trading and marketing of refined-petroleum products and lubricants, operation of oil depots and storage facilities, and hauling and into-plane services.
Earlier, Phoenix reported it wants to acquire Petronas Energy Philippines Inc. (Pepi), a subsidiary of Petronas Dagangan Berhad (PDB) engaged in selling and marketing liquefied petroleum gas (LPG) and other petroleum products.
A memorandum of understanding was already entered into between the company and PDB (Netherlands) BV (a wholly owned subsidiary of PDB) in relation to the planned 100-percent share acquisition of Pepi and its affiliate Duta Inc. The acquisition is subject to the approval of the Philippine Competition Commission.