Chemoil Energy Philippines has announced it will build and lease out oil storage tanks in the Philippines to develop the industry.
With the country dominated by big oil companies who have their own storage tanks comes a unique business proposition for us where we build and lease out storage facilities to those who want to put up their own tanks, Juan Alfonso, Chemoil general manager, says.
Chemoil is looking to collaborate with industry players on long-term lease contracts.
Chemoils main business is in bunker fuel trading for ships and power plants and oil storage operations.
Alfonso says the company acquired LNG Chemicals terminal in Pinamucan, Batangas, in August 2008 for P600 million (9.5 million).
Chemoil is currently working on upgrading and expanding the terminals facility, which was built in 1994. The terminal has a present capacity of 34,000 m3 or 34,000 litres of chemical and/or diesel.
But we also want to double the size in five years to basically store more diesel and then also if it can expand later on then we store bunker fuel as well, he comments.
With the expansion expected to meet the market demand for fuel, Chemoil still has 20 hectares of untapped land-space where it can build more tanks.
