Oil firm Flying V to expand retail network

Independent oil player Flying V Philippines on Thursday said it would expand its retail network next year by allotting P1 billion in capital expenditures (capex). The company said it is “strongly bullish on the Philippine economy" that it will expand its retail network by adding 152 filling stations. This will bring to 387 the number of Flying V stations nationwide. It plans to raise the P1 billion through additional equity investments from existing and new stockholders, and by converting assets to cash. Some 65 percent of the capex will be spent on expanding its retail network, building more retail stations in the Visayas and Mindanao as well as in northeastern Luzon, the oil firm noted. The rest of the capex will be used to bolster its logistics infrastructure and increase the capacity of its five existing depots, Flying V said. The company has five storage facilities in La Union, Cebu, and Davao, as well as in Sta. Ana and Mandaluyong in Metro Manila. Higher sales will likely boost to P15 billion the company’s gross revenues, Flying V said. The oil firm added it plans to build three more depots in Subic, Surigao, and Cagayan de Oro to support its distribution network. — JE/VS, GMANews.TV