Phoenix Petroleum president and chief executive officer Dennis A. Uy said they are scouting for either local or foreign partner which shares the company’s vision of beefing up capital for expansion prospects.

While the oil firm executive indicated that they are now in talks with several parties, he sought media’s indulgence to keep their identities for now.

The company has just unveiled investment plans that will further build up its retail network in Luzon and Mindanao. It must be noted that Phoenix Petroleum first established its business base in Mindanao; and it only started moving to Luzon after acquisition of its depot facility in Batangas.

The investments for retail expansion, the company executive added, “will be a mix of Luzon and Mindanao where we have our terminal facilities.”

On top of the plan to bring in financial partner, the company is similarly working on prospects for a follow-on offering at the Philippine Stock Exchange in the next three years.

“We are planning to have follow-on offering in the next three years… the shares to be offered will be up to 20 percent,” Uy said.

Even prospects of mergers and consolidation among players are in the company’s radar for future acquisition opportunities, still as a part of its portfolio-shoring up opportunities.

“We will also be looking at people or players who are open for mergers and acquisitions so long as this is aligned with our objectives,” Uy noted.

The company just recently sealed agreement with Social Security System (SSS) on the latter’s capital stock subscription wherein it was given the option for an aggregate 10 percent equity take in the oil company. (mb.com.ph)