Jetti halfway through with P1-B oil terminal

MANILA, Philippines - Jetti Petroleum Inc., said it is now halfway through with the construction of its P1-billion terminal in Mariveles, Bataan.

Jetti corporate affairs manager Leo Bellas said the company has passed the 50-percent construction milestone early this month and expects the new terminal to be finished within the year.

“At this rate, we’re looking at launching the terminal by October of this year,” he said.

Jetti’s Bataan facility will store a variety of petroleum products that will form a combined total of nearly 70 million liters in stock comprising of unleaded gasoline, automotive diesel, industrial fuel oil and ethanol.

At present, the oil firm has roughly 100 retail stations nationwide, with plans to further expand in Bulacan, Pampanga, Tarlac, Pangasinan, Nueva Ejica and La Union.

The company expects the new bulk terminal to boost their expansion drive across Luzon, Bellas said.

“We’ve started identifying sites for new Jetti retail outlets since May of last year,” Bellas said.

Jetti expects sales to go up once the terminal and new stations begin operations due to the new volume that will be contributed, he added.

Furthermore, he said the new terminal would also allow the company to pursue sales to potential bulk customers in Luzon.

“Since the Mariveles bulk terminal is capable of receiving direct importation, potential profit margin for the company’s product sales in Luzon is expected to improve. Net income is likewise expected to rise.

This will also help make the market players more competitive, as it will bring pricing to more reasonable levels, to the advantage of the motoring public,” he said.

Jetti is eyeing to hit P16 billion in sales this year from roughly P13 billion last year on the back of rosy economic prospects and its growing retail network.