Phoenix Petroleum Philippines Inc., a publicly-listed independent oil firm based in Davao City, received approval from its shareholders to increase the company’s authorized capital stock from PHP750 million (US$ 17.53 million) to PHP2.55 billion (US$59.63 million). Phoenix Petroleum posted a 19% increase in profits last year to PHP510 million (US$11.97 million) while consolidated revenues spiked 86% to PHP27.47 billion (US$642.63 million) on higher sales volume. The number of stations owned by the company increased from 120 stations in 2009 to 220 in 2011. The company said it will sustain growth with more investments in retail stations and depots in key areas, and the expansion of its lubricants and automotive chemicals market. (March 10, 2012)