Skyline of Cebu City (Photo credit: Wikipedia)astern Petroleum Corp. (EPC), one of the most aggressive independent oil players in the country, will spend about P500 million to build 15 new retail stations in 2012, a top company official said.
EPC chairman and CEO Fernando Martinez said as of end-2011, the company has 35 stations and the additional stations will bring its total retail network to 50 by yearend.
He said the company is also studying the possibility of putting up two more oil depots next year in Cebu and Mindanao.
“We already acquired a site in Gen. Santos City in Mindanao to augment the requirements of our GenSan mega stations. The terminal depots will have a capacity of four million liters each,” he said.
Meanwhile, Martinez projected that their sales revenue would hit P3.5 billion to P4 billion this year, higher than last year although lower than the earlier target of P5 billion, due to the softening economy and demand in the second half of the year.
“We are affected by a slowdown in the second half. Still it’s a good year of double-digit growth,” he said.
He, however, said their net income this year will be better than last year.
“With better prices and more stations, we expect higher income for 2012,” he said
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