Pilipinas Shell Petroleum Corporation will open its PHP 6 billion (USD 126.8 million) petroleum depot in Cagayan de Oro City, the trading hub of Northern Mindanao, as early as next week.
The project directly addresses the growing power and energy needs of the Philippines’ Visayas and Mindanao regions, Pilipinas Shell said.
The petroleum depot, which has a storage capacity of 170,000 cubic metres and took three years to construct, can handle motor gasoline, diesel fuel and jet fuel.
The new import facility is scheduled to operate on July 19, which would boost activity at the Port of Cagayan De Oro.
Pilipinas Shell operates a refinery in Batangas province on Luzon island, 22 oil depots and more than 960 retail stations nationwide. Its sole refinery blends and sells a range of fuels, lubricants, bitumen and other specialty oil-based products.