Flying V plans Davao docking facility

Independent Philippine oil retailer Flying V will invest Php1 billion (US$22.9 million) on a proposed international docking facility and oil depot in Davao City, in the island of Mindanao. Flying V said the facility will ideally serve the requirements of export-carrying marine vessels. “Mindanao is growing economically, so we expect many vessels docking on its ports, especially for exports like banana and ores for our mining sector,” said Ramon F. Villavicencio, Flying V chairman. The company said it is weighing options on the project’s funding. Meanwhile, the company said it has shelved its earlier plan of going public because it has enough resources to undertake its expansion plans. (October 12, 2007)