Expansion to boost Seaoil sales for 2011

Seaoil Philippines, one of the country’s largest independent fuel retailers, expects to post a 15-20 percent growth in revenues this year, despite the “uncertainties” in Europe and the US that have contributed to the volatility of global oil prices.

Seaoil president and CEO Glenn Yu told reporters that the expected hike in revenue in 2011 from the P11 billion it registered in 2010, can be attributed to increased sales brought about the company’s aggressive retail network expansion. The oil company is among the “beneficiaries of a strong economy as well,” Yu added.

“We continue to expand. As as you know, last September, we opened our 200th station in Cebu. We hope to be able to continue growing the network over the next several quarters,” Yu said.

Seaoil Philippines is looking to end the year with a network of 220 stations, up from the 180 stations it had as of end-December 2010. The company is now looking to build another 60 stations by next year, of which 30 will be in Luzon, 15 in the Visayas and the remaining 15 in Mindanao.

Starting also by 2012, Seaoil Philippines will be rolling out a P3-billion expansion program, largely with the end target of further widening the company’s network to a total of 400 stations by end-2014, and of building more depots to cater to increasing demand. The first P1 billion will used to beef up its retail gas network.