MANILA, Philippines - Fuel retailer Jetti Petroleum Inc. has began the construction of a P1-billion bulk terminal in Mariveles, Bataan.
A statement from the company said the facility has a rated storage capacity of 68 million liters.
The project was granted a five-year to seven-year income tax holiday and other incentives to the project which was endorsed by the Department of Energy under the Downstream Oil Deregulation Act.
Leo Bellas, Jetti corporate affairs manager, said the bulk terminal shows the company's intention to stay in the oil industry for the long haul.
"(I)t shall demonstrate our commitment to the government through additional tax contributions from products that will pass through this new terminal," Bellas added.
Jetti said the project is financed by internal funds a loan from the Metropolitan Bank & Trust Co.
Once completed, the Bataan bulk terminal will enable Jetti to have direct fuel importation in Luzon to supply the requirements of the company's retail network in Luzon.
The Bataan bulk terminal is Jetti’s second international import terminal for all its fuel products coming from Singapore and other countries. It will complement what is currently the company’s main import terminal located in Tagoloan, Misamis Oriental that ships products to Jetti’s other fuel terminals in Mandaue City, Cebu; Iloilo City and Naic, Cavite.