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Flying V earmarks P1B for 2011

12/24/2010 [ ]
Flying V, one of the country’s most aggressive small oil players, had earmarked P1 billion for its expansion program for next year.
Flying V, in a statement, said the company planned to expand its retail network because it was “strongly bullish on the new dispensation and the economy.”
Flying V, led by its chairman Ramon Villavicencio, targets to add around 152 stations in 2011, bringing its total stations to 387 from the existing 235 stations around the country.
The company plans to raise the P1 billion budget for capital expenditures from equity investments and internally generated funds.
Flying V said 65 percent of its capex next year would be spent for network expansion and the rest for strengthening its logistics infrastructure and increasing the capacity of its five existing depots.
The company plans to construct an additional three depots in key areas to support its widened distribution network.
“With an existing number of 235 stations all over the archipelago, 66 more stations shall be added to its roster by the second quarter of 2011,” it said.
Flying V said the goal of 387 stations by end of 2011 was “in keeping up with its stance as the major oil dependent with the largest number of retail stations.”
It said the retail stations to be constructed next year would be concentrated in Visayas and Mindanao as well as northeast of Luzon.
The company has five storage facilities located in key strategic areas, Poro Point, La Union in the North, Sta. Ana and Mandaluyong in Metro Manila, Cebu and Davao
Flying V expects consolidated gross revenues to reach about P15 billion this year due to higher fuel sales.
Flying V and the other small oil players have been benefiting from the closure of the Batangas-Manila petroluem pipeline, which resulted to the shut down of some 40 stations of its rival Pilipinas Shell Petroleum Corp. due to product shortage.

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