Independent oil firm Jetti Petroleum Inc. said it has invested an additional P500 million to expand its P1-billion Bataan Bulk Terminal.
In a statement, Jetti said the additional P500 million will be used for Phase 2 of the Bataan depot, which will add 1.5 hectares to the current 2-hectare development, summing the project with a total of 3.5 hectares.
The company invested P1 billion in Phase 1 of the depot project.
“The idea of a Phase 2 was conceived to maximize the usable land area of the property. By expanding our holdings, we now have the capability of adding more storage tanks to meet the growing market need for quality fuels in Luzon,” Jetti Corporate Affairs Manager Leo Bellas said.
Jetti said that the Bataan terminal’s Phase 2 development will have storage capacity of 60 million liters, while Phase 1 has storage capacity of 70 million liters.
“Although the primary direction is to construct Phase 2 storage tanks once Phase 1’s storage capacity is deemed insufficient, the company will likewise be looking at expanding by way of other potential related businesses,” Bellas said.
The ongoing Phase 2 development is expected to be finished in the first quarter of 2015.
The Bataan terminal is the second import facility of Jetti, next to Tagoloan bulk terminal in Misamis Oriental. It is expected to cut the company’s operational expenses by reducing the transport cost of fuel significantly from Tagoloan to different parts of Luzon.