Seaoil to double market share to 10% in 3 years

MANILA, Philippines - Seaoil Philippines Inc. is targeting to more than double its market share to 10 percent in the next three years, a top company official said.

In a chance interview, Seaoil chief financial officer Mark Yu said the oil firm currently has a four-percent share of the local petroleum market.

“We are keen on growing our market share to 10 percent within three years’ time,” he said.

Yu said they have been aggressively increasing the number of their retail stations over the past years.

“We have been expanding our network,” he said.

He said the company would be launching new products and services soon to further increase their presence in the market.

The Seaoil executive said they are also on the lookout for possible investment opportunities.

He said while they are not ready yet to diversify into other forms of businesses, they are open to the idea of investing in the banking industry.

“We look at all opportunities, including that (possible investment in the banking sector),” Yu said.

But he was quick to note that for the meantime, their priority is to grow their oil business.

By the end of 2013, Seaoil said it plans to open 95 new retail stations, of which 25 stations have been opened in the first quarter.

At present, Seaoil has 340 retail stations with the recent opening of its newest outlet in Negros Occidental.