Chevron allots $11-M for capex

Chevron Philippines Inc. (CPI) will invest some $11 million (approximately P530 million) for its capital expenditures this year, a ranking company official said.

At the unveiling of the Caltex Advanced Safety Trucks (CAST), CPI country chairman and general manager for retail Randy Johnson said they will spend the amount for its retail business.

"For the Philippines, it’s about $11 million a year, but that’s just for the retail business of Chevron — that’s what we spent last year and is likely what we will spend this year," he said.

CPI used to be known as Caltex Philippines Inc.

Last year, Johnson said the company spent about P8 million for each gasoline station to build new underground double-wall storage tanks.

The oil firm, he said, has built double-wall storage facilities in 300 of its existing 850 branches. These facilities are ready to accommodate biodiesel products.

He said they have also invested in installing light-emitting diode (LED) lighting which saves on electricity cost.

Meanwhile, the brand-new trucks — the first of its kind in the country — are equipped with the latest state-of-the-art features to help ensure the highest level of safety on the road.

One of the safety features of CAST is that it has an on-board computer system which stores fuel data, time and distance and displays gauges, vehicles/warnings, tire pressure, and other vehicle settings.

All trucks are also equipped with the global positioning system, making it easy to locate the whereabouts of any these trucks via the Internet and through a cellular system.

The CAST are designed for Asian road conditions. The trucks are being deployed in line with Chevron’s global road transport safety initiative. One truck, which can carry 20,000 liters, is valued at P10 million each.

"Safety is regarded very, very highly in our day-to-day operations; more than a priority, safety defines the very way we conduct our business," Johnson said.