SeaOil Philippines finalizes 2013 term contracts with Petrochina and PTT

Fuel retailer SeaOil Philippines finalized its term contract with China’s Petrochina and Thailand’s PTT. SeaOil will buy 100,000 barrels a month of 92-octane gasoline from Petrochina, and the Philippine firm will buy 100,000 barrels a month of diesel fuel from PTT.
SeaOil’s total requirement for both diesel fuel and gasoline is expected to be about 3 million barrels in 2013, 15-20% higher than the 2.5-2.6 million barrels of product imports in 2012. With the increase in demand, SeaOil may have to import another 600,000 barrels of products in the spot market in 2013.
The Philippine economy exhibited a better-than-expected growth of 5.9% in the second quarter of 2012 year-on-year, slightly weaker than the first quarter’s spike of 6.3%, but still far stronger than growth in other countries. Local media reported that the country’s Association of Vehicle Importers and Distributors posted a record sales figure of 21,762 units in the first nine months of 2012, up from 18,086 units in the same period in 2011. (December 14, 2012)