Seaoil to add 46 service stations

Seaoil Philippines Corp. is investing around Php230 million (US$4.75 million) this year for the construction of new service stations nationwide. Company President Glenn L. Yu said the company is planning to put up 46 additional facilities on top of 105 existing Seaoil stations in the country. Seaoil, which is among the most aggressive independent oil company in the Philippines, earlier bared plans to go public this year or early 2008 to raise funds for a 100,000 liter-per-day ethanol plant. Yu said the plant will use alternative raw materials such as the sweet-stem sorghum. The country’s first ethanol facility, to be put up by San Carlos Bioenergy, Inc., is scheduled to commence operations in 2008. Seaoil is also part of the recently formed Enerfuse Holdings, Inc., made up of other independent oil companies such as Eastern Petroleum Corp., Flying V and Unioil Philippines, that is putting up a biodiesel plant in Sasa, Davao. (February 8, 2007)