Friday, October 26, 2007 European oil company to put up more gas stations in RP in 2008
MAJOR oil player Total Philippines Corp. (TPC) is looking at putting 16 more service stations in 2008 or another $320 million investment.
Anna Whitehouse, managing director of TPC, said they are hoping to accelerate the expansion of their retail service in the country in the coming years.
“Our current rate is 16 stations a year. But it could be more or less depending on whether we would find the right combination of location and partners,” Whitehouse told reporters during the company’s completion of its 100 station projects. Total’s 100th station launched yesterday is located in west service road in Muntinlupa City.
Whitehouse said that for 2007, they were able to complete and open 11 stations. Five more stations are still under construction and expected to be completed before the end of this year. On the average, a station could cost $20 million.
“We had 10 years to reach 100, and we hope will have less time to get 200 [stations more],” said Whitehouse.
He said funding is not a problem but the company is having difficulties finding the right location for its expansion.
“Today, the right number is 100, but tomorrow it will be more than that. I don’t want to be too specific. Money is not the problem, but it’s finding the right location (and) business partners,” she said.
Total is engaged in the importation, storage and distribution of fuels, oil, lubricants and liquefied petroleum gas (LPG) in the country.
In retail service, its current market share is pegged around three percent, but Whitehouse said the company remains optimistic about the Philippine market.
“We’re here for the long term. We’re not chasing numbers,” she said.
She added that Total’s main concentration next year would be in the Northeast part of Luzon, particularly Isabela Province.
Since its incorporation in 1997, Total already invested $80 million in various infrastructure projects in the country, which includes oil depots in Bataaan and Manila, and an LPG filling plant in Taguig. (Sunnex)
