An stable oil-in-oil emulsion is disclosed containing a first oil phase dispersed as droplets in a continuous second oil phase, which droplets have a number median diameter of 10 nm to 1000 nm, wherein the first oil phase is substantially immiscible in the second oil phase and wherein the first oil phase comprises a liquid organic phosphate compound. In one preferred embodiment, the first oil phase comprises colorants, polymers, and/or other additives, depending on the particular use of the emulsion.