Seaoil Philippines plans to double retail outlets by 2014

Seaoil Philippines is embarking on an aggressive Php3 billion (US$69 million) expansion program over the next three years, to become the leading independent fuel retailer in the Philippines. Seaoil President and CEO Glenn Yu said the company, which currently has 200 stations, plans to double the number of gas stations it owns to 400 by 2014 and increase the number of depots in strategic locations nationwide. The first Php1 billion (US$23 million) will be spent in 2012 and will add 60 new outlets. Half of these gas stations will be built in the northern island of Luzon, Yu said, with the balance to be split between Visayas and Mindanao. Seaoil will invest another Php1 billion (US$23 million) in 2013 and 2014. “We expect to expand through franchising,” said Yu. “We have reorganized the company to focus more on retail expansions. We believe there are underserved areas. There are more islands in the Philippines than gas stations so there are still many areas where we can expand into,” he said. “We are bullish on the local economy…the local business climate is quite positive,” he added. (September 16, 2011)