New player Total Petroleum Philippines Corp. (TPPC) will invest some $15 million on its liquefied petroleum gas (LPG) operations this year, according to its leading corporate officer.
TPPC president and managing director Jean Jacques Jung said the amount is about the same amount invested last year.
Jung said the huge investment should result in a projected six percent market share of the country's LPG market. Last year's investments were designed for start-up operations which resulted in only two percent of the market.
"The LPG market is one of the fastest growing businesses for Totalfina in the Philippines," the TPPC president said.
So bullish is TPPC that it had already made significant investments in the LPG market in the past six months. In November last year, it acquired a 15-percent stake worth P10 million in Shell Gas Eastern, a subsidiary of Pilipinas Shell Petroleum Corp. (Pilipinas Shell).