Independent oil player Eastern Petroleum Corp. is looking to open more oil terminals depending on the investment atmosphere in the country.
This after the company announced that it is set to open its P1-billion oil terminal in Mindanao in mid-2014.
Eastern Petroleum Chief Executive Officer Fernando Martinez said that the company is planning to construct more oil depots depending on the investment atmosphere in the petroleum industry.
He said that “if oil smuggling will be contained” since it dampens investment decisions, the company will plan to build more oil terminals across the country.
Martinez also told reporters that Eastern Petroleum has increased its investment from P800 million to P1 billion for the construction of its first oil depot in Mindanao, which is set to open in the middle of next year.
“Nasa engineering site na kami [We are already in the engineering site]. We already acquired the site and we are done with the engineering in three months. Construction will commence in September and it will be completed in the middle of next year,” he said.
He also said that the oil depot will have a capacity of 50 million liters. Eastern Petroleum’s first oil depot is in Pasig City.
Also, the company is looking to end this year with P3.5 billion in sales on the back of new product offerings.
“In the last quarter of the year, we are going to launch products that will make some contribution to additional sales,” Martinez said.
“In the second half of the year, starting June, we expect that our sales would go up by 50 percent over 2012,” he added.
In the first half of the year, Eastern Petroleum is projecting P1.5 billion in sales and since the company intends to grow this by 50 percent, the full year projection of the company for its revenues is P3.5 billion.
Madelaine B. Miraflor