Unioil Philippines Inc. is investing up to P160 million next year to put up at least eight new retail stations in Metro Manila and nearby provinces.
Chito Medina-Cue Jr. told reporters over the weekend that they have already identified the areas for the new gas networks.
Cue admitted that they will be more aggressive next year despite the financial crunch.
“Unioil constructed only two stations this year. But we will continue to invest more. Our customers want us to set up more stations,” he said.
The company, will tap loans from local banks to finance its expansion program next year.
He said they would be constructing about seven stations in Metro Manila and one in Laguna. They are looking at areas in Manila, Quezon City and Pasig as the potential sites for its new stations.
Cue said the expansion plan, however, is still being finalized and the number of stations may still be increased.
Despite the uncertainties in the oil industry, he said they remain bullish on the prospects for 2009.
“We are expecting demand to increase next year. This is why we believe there is a need to expand our network,” he said. – Donnabelle Gatdula