The 2014 capital expenditure (capex) of independent oil player Seaoil Philippines Inc. will reach nearly P3 billion amid its plan to expand the number of its oil storage depots and stations nationwide.
Francis Glenn Yu, Seaoil president and chief executive officer, said in an interview with reporters on Friday that the group may spend as much as P2.98 billion next year as it plans to build additional oil depots and stations.
Of the P2.98 billion, P1.8 billion will be spent for the development of 120 more stations nationwide, while P1 billion will be allocated for new depots. Seaoil will use the remaining amount of P180 million to build its superstation along the Subic-Clark-Tarlac Expressway (SCTEX).
Seaoil has targeted to establish 120 more stations in 2014, above its current network of over 340 stations nationwide. The new stations will be spread out in 30 locations in the National Capital Region (Metro Manila), 20 in Luzon, 30 in Visayas and 40 in Mindanao next year. By 2015, Seaoil expects to have 500 stations nationwide.
Each station requires an investment of P15 million, Yu specified.
“We also have a superstation worth P180 million because we won in SCTEX. It’s a two-hectare property along SCTEX and we are the first oil firm to open along SCTEX,” Manny Martinez, Seaoil Station Roll-out senior manager, mentioned.
Seaoil was recently declared the sole winner of the bid for a two-hectare location along the SCTEX. The Bases Conversion and Development Authority, which is in charge of the project, will enter into a 25-year lease and development agreement with Seaoil.
Seaoil will build its first megastation in the area, complete with parking areas, emergency stations, convenience stores and restaurants.
The Seaoil megastation in SCTEX will be fully operational by the fourth quarter of 2014.
The company will also build three new oil depots next year for P1 billion. These depots will be situated in Zamboanga, Palawan and La Union.