Seaoil to upgrade oil depot

Seaoil Philippines Corporation is allocating Php20 million (US$413,479.42) to upgrade its oil depot in Mandaluyong City, in preparation for the recently implemented Philippine biofuels law. The upgrade will be financed by the company’s proceeds from the scheduled initial public offering of 25% of its shareholdings by the fourth quarter of this year. The upgrade will allow the firm to double its capacity from the current 20 million to 50 million liters, says President Glenn Yu. (February 3, 2007)