Philippine Independent Oil Player announced that they are looking to expand and diversify their business in 2010 by going into the alternative energy while promoting the use of biofuels and energy independence for the Philippines. Alternative Energy in the form of solar, wind, compressed natural gas (CNG), biomass, etc.
The funds for this ambitious project will be P500 million and will be sourced internally, by the infusion of new capital, from profits and depreciation.
Flying V is known as one of the independent oil players that came to be when the oil industry was deregulated during the time of President Ramos. It was hoped that their presence would create competition in the price of oil that will benefit the populace. Unlike the big three (Shell, Petron, Caltex), the independent oil players only have a distribution and storage system in place and don’t have the equipment to refine raw oil. They just end up importing their fuels from abroad.
Currently, Flying V has 203 retail stations with 37 being put up in 2009. They have storage facilities located Poro Point, La Union in the North, Sta. Ana and Mandaluyong in Metro Manila, Cebu and Davao. They are currently building four more fuel depots that are expected to come online this year.
[source]
Category: Oil, Solar, Automotive, Oil Price, Biofuel
