AMERICAN multinational energy company Chevron said it has invested $3.1 million (P181.6 million) to upgrade its terminal in Lapu-Lapu City, Cebu, boosting its storage capacity to 150,000 barrels.
In a statement on Wednesday, Chevron said the upgrade is estimated to unlock around $1 million in annual value.
“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,” said Pongtorn “Bon” Tangmanuswong, general manager and country chairman of Chevron Philippines, Inc. (CPI).
He added that the company aims to ensure “that all corners of the Philippines have access to a reliable fuel and energy source.”
The Lapu-Lapu terminal recently received its first import vessel, the MT Chang Hang Fei Yue Voy. No. 2518, loaded with products from South Korea.
The terminal serves as Chevron’s gateway to Central Visayas, supporting fuel supply to nearby cities and municipalities driven by manufacturing, transportation, and tourism growth.
Last year, Chevron Philippines inked mutually beneficial lease agreements with Batangas Land Co., Inc. (BLC) for the lease of its properties in major cities around the Philippines.
Aside from the Lapu-Lapu terminal, CPI renewed its lease in San Pascual, Batangas; San Fernando (Poro), La Union; and Sasa, Davao City.
Chevron, which markets the Caltex brand of fuels and lubricants, also committed funding to these terminals’ energy infrastructure to maintain the safety and effectiveness of their operations.
The company is engaged in the importation of crude oil and natural gas and in the manufacture of transportation fuels, lubricants, petrochemicals, and additives. — Sheldeen Joy Talavera
