CHEMOIL BUYS PHILIPPINE TERMINAL
MAJOR integrated physical bunker supplier Chemoil has acquired a controlling interest in a storage terminal in the Philippines. The ocean-front terminal located in Batangas, Philippines has an operational capacity of 34,000 cubic meters that could be used for the storage of petroleum products such as gasoline, diesel and fuel oil.
The Singapore Stock Exchange-listed company says: ?The investment is valued at over US$13 million and was financed through a combination of debt and equity. ?
The terminal is located on 23 hectares of freehold land thereby providing opportunity for further expansion. The company is currently exploring the possibility of expanding the terminal in the near future so that additional storage capacity may be used for marine fuels supply. In the interim, Chemoil will make further investments to the facilities to better meet the storage terminal"s operational requirements.
Chemoil Chairman and CEO Mike Bandy says: ?This acquisition is consistent with the company"s core strategy of growing our business along the lines of expanding geographic coverage of our operations, continuing to backward integrate our logistics chain, and offering new products whenever possible. We have a track-record of developing our business through identifying strong growth opportunities and so our investment in Batangas is a logical step. We have our Asia headquarters and a flourishing marine fuels business in Singapore and this newly acquired storage terminal will help us extend our presence into key regional markets in and around the Philippines.?