MANILA, Philippines — The Board of Investments (BOI) has approved Seaoil Philippines Inc.’s oil depot facility in Davao del Sur and Balayan Bay Batangas Development Inc.’s (BBBDI) oleochemicals project which have combined investments worth P1.107 billion. In a statement, the BOI said it recently approved the registration of Seaoil’s P287 million four storage-tank oil depot project. Seaoil’s project, which started operations in September, provides an additional 36.9 million liters of gasoline and diesel to its existing 41.050 million liters of storage in the southern part of Mindanao, translating to a total of 78 million liters of fuel capacity. “This combined capacity is actually more than enough to accommodate the average daily requirement of 73 million liters of fuel nationwide. Aside from Seaoil’s project, the BOI also approved the application of BBBDI’s P820 million oleochemicals project located at the Phoenix Petrochemicals and Industrial Park in Calaca, Batangas.

Source: Philippine Star December 11, 2018 16:03 UTC