Independent oil company Seaoil Philippines Inc. is investing at least P90 million to build at least 13 gasoline stations in Cebu by the end of the year.
Glenn Yu, Seaoil Philippines Inc. president, said the firm would be bullish in its expansions this year especially in key areas in the country like Cebu.
Cebu currently has four stations with the fourth station located along Plaridel Street, Mandaue City, opening last Friday.
“This station is our fourth in Cebu and 200th nationwide. The station will also become our Seaoil Academy for the Visayas region where we also do briefings about our advocacies like on alternative fuels,” he said.
Seaoil is also set to open three more gasoline stations in the next two weeks in Naga City, Compostela town and in Mantuyong in Mandaue City.
“At present our stations are located along Hernan Cortes, which is our first station opened in December of 2009, another one in Consolacion, Talisay City and the latest in Plaridel Street,” he said.
Yu said the firm was expected to invest at least P10 million for every station regardless of the station being company-owned or franchisee operated.
Seaoil has two depot centers in Cebu with a total capacity of 15 million liters to cater to the firm’s targeted expansions.
“We are proud to say that we are the biggest independent oil player in the country today. And we are happy that we have changed the name of the game. In Cebu we can say that we have helped in the issue of the high oil prices in the past. At present, rates in Cebu are already the same as the rates in Manila,” he said.
The firm’s sales in the region have also increased in the last two years.
“On an average yearly output, we end with a P1.5- billion gross revenues in the Visayas region, which usually contributes 10 percent of our national gross revenue,” he said.
Yu also cited Cebu as a major contributor in the firm’s Visayas sales.
The firm also plans to end the year with a P15-billion to P16-billion gross revenues, which is about 30 percent increase from that of last year’s P11.5 billion.
“Seaoil ended last year with at least 280 million liters with an income of P440 million,” he said.
Yu said next year’s target would be to expand the firm’s nationwide network, adding 60 more stations with at least P1 billion expected capital expenditure.
“Of the total 60 stations, we allocated 30 stations for Luzon, 15 stations in Mindanao and 15 stations in the Visayas. Cebu will have about five to six additional stations,” he said.
With that, Seaoil Philippines will have at least 18 stations by 2012.
Seaoil expects to grow at the same rate within the next three years.
“We see still so many untapped market in the country who will also need independent oil companies like us. The oil industry is very competitive and we want to become known as industry innovator by changing the rule of the game,” Yu said.