Phoenix Petroleum gets incentives over storage facility

Philippine oil marketer and retailer Phoenix Petroleum, Inc. said it has been granted incentives by the Bureau of Investments related to the construction of its 50.4 million-liter storage facility, the largest in the country. The incentives include a non-extendible five-year income tax holiday on all onsite revenue activities, duty-free importation of capital equipment, spare parts and accessories for a certain period after operations start and real property tax exemption on equipment. The incentives were granted in line with the facility’s registration as a new industry participant with new investments in storage, marketing and distribution of petroleum products. The storage facility is located in Calaca, Batangas, south of Manila. (May 4, 2010)