Seaoil to spend P1B for expansion

MANDAUE CITY, Philippines – Seaoil Philippines is embarking on an aggressive P1 billion expansion program next year to broaden its retail network and depots nationwide.

Seaoil president and CEO Glenn Yu said at a news briefing here that the project would entail putting up 60 new filling stations, of which half would be located in the Visayas and Mindanao. Depots will also be established in strategic locations.

The expansion is meant to reinforce its position in the market as the “leading ‘independent’ fuel company in the Philippines,” Yu said, noting that the opening of its 200th station here on Friday was also a milestone for new entrants to the deregulated downstream oil industry.