Transoil Corp to acquire two new vessels for P1.173 B

Domestic shipping operator Transoil Corp. will invest P1.173 billion for the acquisition of two ships that will serve as support service for the country’s petroleum industry. 

The company registered two separate projects to the Department of  Trade and Industry to receive tax perks and other benefits.

The first project worth P777.5 million involves the acquisition and operation of a brand new 6,500 dead weight ton (DWT) double hull vessel. 

The vessel will transport petroleum products from the refineries and terminals to oil depots and bulk plants along coastal routes all over the country.

At full capacity, the project will employ a total of 36 personnel. The project is expected to be operational by September next year.

The other project of Transoil Corp. involves the acquisition and operation of a second hand 2,000 DWT double hull vessel worth P395 million.

Transoil said the internationally classed ship will be fitted with radar and global positioning system (GPS).

As in the first project, the double hull vessel will serve as support service of the petroleum industry.

At full capacity, the project will employ 29 personnel. Commercial operations will begin December this year.

Under the 2007 IPP, domestic shipping projects with a minimum cost of $3 million may be given tax perks by the government.

Transoil Corp. is a 100-percent Filipino-owned company engaged in the general business of domestic shipping which includes owning, operating and chartering vessels of any class, type or description for domestic trade.