Philippines: Unioil to embark on Php240 million expansion

Independent oil player Unioil Petroleum Philippines Inc. may spend around Php240 million (US$5.5 million) for its retail expansion and terminal modernization this year. The company plans to construct 20 retail stations, in addition to the current 40, in Metro Manila at an estimated cost of around Php10 million (US$230,244) each. Construction cost varies depending on the site and size of the station. Unioil will spend about Php40 million (US$916,666) to modernize its oil terminal in Lucanin, Bataan, that has a total capacity of one million barrels and 22 storage tanks. (February 22, 2011)