Seaoil Philippines to build oil depot, expand retail network in south
Seaoil Philippines, Inc. is investing PHP740 million (USD14 million) to build an oil depotl at the Zamboanga Economic Zone and Freeport Authority (ZFA) in Zamboanga City in southern Philippines.
The oil depot’s leased area covers 2.12 hectares, with an option to expand. The 50-year agreement with the economic zone will create development projects and activities for terminal and jetty operations. Groundbreaking was held last month. The terminal and jetty development is set to be completed next year. Operations are expected to begin in the fourth quarter of 2023.
“By opening a terminal here in Zamboanga City, we can make our quality products more accessible to retail customers and commercial industries in the area,” said Seaoil Chief Operating Officer Stephen L. Yu, who is also president for commercial business.
The oil depot, which is designed for 18 million litres of storage capacity, can receive direct petroleum product imports and will significantly expand Seaoil’s capability in Mindanao, the second-largest island in the Philippines, after Luzon and the seventh-most populous island in the world.
“We welcome this partnership with open arms as this is an excellent opportunity to pump more economic activity into the city. We also look forward to the jobs this terminal will bring to our locals,” said Raul M. Regondola, chairman of the Zamboanga Economic Zone and Freeport Authority.
Seaoil currently has more than 650 branches in the Philippines and aims to expand to 1,000 branches in 2023, including expanding its retail presence in Mindanao.