Local fuel retailer has Seaoil partnered with the Zamboanga Economic Zone for the development of a bulk terminal worth almost P740 million.
The company said the depot will have a capacity of 18 million liters of storage and can receive direct importations.
Seaoil said this will widen its lead in the Mindanao region in terms of storage capacity and capability to directly import petroleum products. This is also its first business venture in an economic zone.
The project, a partnership with the Zamboanga Economic Zone and Freeport Authority (ZFA), covers a 50-year agreement for development projects and activities in terminal and jetty operations.
The deal also includes the lease of 2.12 hectares of land with an option to expand.
Seaoil said the terminal and jetty development is set to be completed by 2023 with actual operations projected to begin in the fourth quarter of the same year.
The project can bring over 300 jobs in construction and operations, with 90 percent of manpower to come from the local communities of Zamboanga City.
Seaoil currently has over 650 stations nationwide with more being built this year to meet its target of 1,000 by next year.
