Independent oil player Seaoil Philippines Inc. will double its capacity in Mindanao in the next three to four years with the development of its P500-million oil storage facility in Davao.
In a briefing held on Thursday in Taguig City, Seaoil announced that it will formally open its oil storage facility in Sta. Cruz, Davao del Sur. The facility will be considered the biggest oil storage terminal in Southern Mindanao with 41-million liter capacity.
Stephen Yu, chief operating officer of Seaoil Philippines Inc., told reporters that the Santa Cruz Bulk Terminal can serve as much as 200 stations. To date, Seaoil has 363 fuel stations nationwide, of which 100 are in Mindanao.
“We invested P500 million in this depot alone. We saw the need for the construction of a new liquid bulk storage terminal to serve the growing demand for fuel products in the Southern Mindanao area,” Yu said.
To be able to maximize the capacity of the terminal, Seaoil is mulling over the plan to build additional 100 stations in the region in the next three to four years, which will cost as much as P1 billion.
“We’re trying to fill in an underserved market,” Yu further said.
Seaoil now owns 10 depots and terminals across the country, representing 160 million liters of oil storage capacity. For this year, the company has allocated capital expenditure of P1.2 billion.
Seaoil is targeting to have 500 stations nationwide by 2015, alongside its plan to build its first mega station in Subic, which will also be operational next year.