During the launching yesterday of the Total/Department of Energy (DOE) Passenger and Light Duty Vehicles Economy Run 2004, Total president and managing director Jeff Attwood said they expect to finish the project in four months’ time.
"We hope to start construction by March and finish it by July,"Attwood said. The company, he said, is finalizing contractual details such as the conversion of the property from agricultural to commercial.
In addition, Attwood said the company will be putting up at least 15 new retail gas stations in Central Luzon and Metro Manila. At present, Total has 62 gas stations located nationwide.
The Total executive said even as the company incurred losses last year, they expect to recover in 2004. "We are targeting to have a modest profit this year. But this will still depend on the market. We are in a very competitive market right now," he said.
Meanwhile, Total and the DOE have signed a memorandum of agreement (MOA) for the conduct of the 2004 Economy Run slated on Feb. 28.
"Total shares DOE’s objectives to promote proper energy utilization," Attwood said. "We believe that the benefits we will reap from this project will be enjoyed not only by the vehicle manufacturers but by the Filipino consumers as well."
Total corporate communications head Rona Quejada said the Economy Run is part of the company’s social responsibility program.
DOE Undersecretary Eduardo Manalac said this program will help the country in achieving the target of saving at least 200,000 of barrels of oil per day (BOPD) for 2004 or about $60 million in the transport sector alone due to energy efficiency initiatives.
By 2013, the Philippine Energy Plan (PEP) targets the savings from the government’s energy efficiency efforts to reach 60 million BOPD.
The Economy Run is being conducted by the DOE in partnership with oil firms for the past four years.