Manila (Philippine Daily Inquirer/ANN) - US-based Chevron is aggressively expanding its presence in the Philippines, planning to build at least 100 retail stations in five years.
The target number may further increase as the company firms up its network expansion plans, said Katrina Ignacio, assistant manager for policy, government and public affairs of local unit Chevron Philippines Inc.
"The Philippines plays a major role in Chevron International Product's growth plans in Asia-Pacific. As the company's biggest retail network in Asia-Pacific, the Philippines represents 23 per cent of the region's retail network growth plan," Ignacio said in an interview with Inquirer.
Ignacio did not disclose final investment figures, but said that a typical retail site would require about 10 million pesos (US$245,500) to build and 3 million pesos to 5 million pesos in monthly working capital. This places the total investment requirement for the 100 planned stations at a minimum of 1 billion pesos.
It was, however, not made clear how many of the planned stations will be company-owned, which means the investment requirements will be shouldered by the company, and how many will be put up under a franchising deal.
As of the end of 2012, Chevron Philippines has 750 retail sites. It sells a range of petroleum products, lubricating oils and greases. The company also has 14 facilities, including major terminals, depots and sales offices in the Philippines. Its import terminal in San Pascual, Batangas, serves as the hub of its transportation and supply operations in the Philippines.