Independent oil firm Eastern Petroleum Corp. is on track with the expansion of its flagship liquefied petroleum gas (LPG) brand EC Gas and is looking at 400 outlets by the end of the year.
Fernando Martinez, Eastern Petroleum chairman, said they are targeting to open additional EC Gas outlets this year.
Martinez expressed confidence that they could meet the targeted 275 additional outlets by the end of the year.
“EC Gas is gaining foothold slowly but surely. I think we can already attain the 400 outlets across the country this year,” Martinez told reporters.
To lure more investors, Martinez said they have lowered the investment required for setting up an EC Gas outlet compared with other players in the market.
An EC Gas outlet costs between half a million to a million pesos to put up, depending on the scale, but Martinez said they have further lowered the franchise fee to P50,000 only.
Martinez said that to date, EC Gas already has 125 outlets and another 125 outlets are in process.
“So by December, we are positive that we will reach the 400 (outlet) target,” he said.
Eastern Petroleum has allocated P1.2 billion to import the trademark plastic-composite tanks of the LPG brand from Ragasco AS of Norway.
The EC Gas tank has a transparent portion, weighs significantly less than steel cylinders, and is explosion-proof.
The company also targets to increase the number of EC Gas outlets to 2,000 by 2016.
Martinez said they are working hard to make EC Gas available in 70 percent of the country’s cities and municipalities.