Total to invest additional P650M

French petroleum company TotalFinaElf Petroleum Corp. is investing P650 million in the country for its two major projects, the Bataan terminal and the Manila depot.

Total is a new entrant in the deregulated oil industry which used to be dominated by the big three – Pilipinas Shell, Caltex Philippines and Petron.

Total plans to put up 10 storage tanks at the Manila Harbor Center Industrial Park along Manila Bay.

According to Total, the choice of the site strikes the perfect balance between environmental safety and commercial viability.

In its application for registration with the Board of Investments (BOI), only three storage tanks were registered initially.

The first tank has a storage capacity of 16,600 kl for diesel while the second tank has a storage capacity of 1,200 kl for regular gasoline. The third tank’s storage capacity is 1,200 kl of kerosene.

Total’s major stockholders are Total Raffinage Dist. S.A., Patrick de la Chevardiere and Negil Pennington. – Marianne Go