Flying V sets Php500 million expansion budget

Philippine independent oil player Flying V, in its year-end report, admitted that while the year 2009 “was a difficult and forgettable year” because of the competitive nature of the industry, they are convinced that 2010 would be a much better year. Flying V is planning to construct 80 new stations next year and infuse Php500 million (US$10.82 million) for its expansion projects. Funds will come from internal sources, capital infusion, profits and depreciation. “Flying V’s focus shall concentrate on alternative sources of energy and the promotion of biofuels,” the company said. (December 29/December 31, 2009)