Chevron Philippines invests $3.1M for Lapu-Lapu terminal upgrade

Chevron Philippines Inc., the operator of Caltex service stations, on Wednesday announced a $3.1-million investment to expand its terminal in Lapu-Lapu City, Cebu to increase capacity and enable the facility to import vessels and load domestic shipments.

The investment increased the storage capacity of the Lapu-Lapu terminal — which serves as Chevron’s gateway to Central Visayas — to 150,000 barrels or 24 million liters, unlocking an estimated $1 million annually.

Its location, Chevron said, opens up new opportunities for interested retailers and business partners by ensuring more reliable fuel supply.

“Our investment in the Lapu-Lapu terminal is a sign that Chevron is here to stay and will continue to boost the capacity of our other local terminals,” CPI general manager and country chairman Pongtorn “Bon” Tangmanuswong said in an emailed statement.

“We want to move more safe quality Caltex fuels around the country. This is part of our wider mission of ensuring that all corners of the Philippines have access to a reliable fuel and energy source,” he added.

The investment comes nearly a year after CPI inked lease agreements with the Batangas Land Company Inc. (BLC) for the lease of its properties in major cities across the Philippines.

CPI also renewed its lease in San Pascual, Batangas; San Fernando (Poro), La Union; and in Sasa, Davao City.—AOL, GMA Integrated News