Flying V to put up new depot in the south

Philippines Flying V is set to put up another oil depot in Cagayan de Oro City to support its retail network across the country. “The depot’s construction has just started and will be finished soon,” he said. The new addition to Flying V’s depots will have a storage capacity of about 20,000 tons to 23,000 tons at a cost of about Php100 million (US$2.25 million). Last year, Flying V constructed its seventh depot in Davao, which has a 60-million liter capacity and includes a pier for receiving petroleum products from tankers. The facility, which cost about Php500 million (US$11.25 million) to Php600 million (US$13.48 million), was financed through the company’s internally generated funds. Paul Tanjutco, Flying V BioFuel Center director, said the company is looking at producing ethanol from the coconut tree to help find a solution to the soaring prices of oil in the world market. (June 14, 2008)