MANILA, Philippines - Oil giant Chevron Philippines Inc. said Friday it will build at least 20 new gas stations this year as part of an aggressive expansion plan to cement its position in the market.
Country chairman Jim Meynink also said that the company has begun upgrading existing retail stations to carry its "new image."
Meynink declined to give investment figures. But industry estimates show a service station would cost about P10 million to P100 million, depending on its size and location.
Chevron, which markets Caltex fuels, lubricants and other petroleum products, recently opened two gas stations in Davao and Cavite provinces.
"Our strategy for Caltex is to aggressively upgrade and expand our network and facilities in growth centers around the country," Meynink said.
"Caltex also unveiled an all-new service station image, which is currently rolling out throughout the Asia-Pacific region. Forecourts are brighter and more contemporary, and the canopy lights are safer and more welcoming at night," he added.
There are currently 850 Caltex service stations in the Philippines.
Global brand manager Brian Fisher said they are committed to remain a key energy player in the country.
"We are here for the long haul. Asia-Pacific is one of Chevron's strategic markets. The Philippines, in particular, is at the center of this market and we're looking at a brighter future here," he said.
Chevron is among the country's largest investors, with more than $2 billion in capital investments.