MANILA, Philippines -- Jetti Petroleum said it is increasing its investment in the Bataan bulk terminal by P500 million.
This will bring Jetti's total investment in the terminal to P1.5 billion.
Jetti said this additional capital expenditure will be used for the second phase of development.
The Phase 2 of the depot in Mariveles will add 1.5 hectares to its existing 2-hectare development.
"The idea of a Phase 2 was conceived in order to maximize the usable land area of the property... By expanding our holdings, we now have the capability of adding more storage tanks to meet the growing market need for quality fuels in Luzon," Jetti Corporate Affairs Manager Leo Bellas said.
He said Phase 2 can also accommodate additional storage tanks, with a total of around 60 million liters in combined fuel capacity.
"Although the primary direction is to construct the Phase 2 storage tanks once Phase 1 storage capacity is deemed insufficient, the company will likewise be looking at expanding by way of other potential related businesses," Bellas said.
The first phase of the terminal is expected to have a total storage capacity of almost 70 million liters.
Jetti said the additional work to be done on the terminal will push the completion and commercial operation to the first quarter of 2015.
The Bataan depot will be Jetti's second import facility next to the Tagoloan bulk terminal. It will serve the product requirements for Luzon.