During the launch of the company’s exclusive fuel-cleaning ingredient "Techron", CPI country chairman Randy H. Johnson said a major portion of the capex budget for 2006 would be used for the rollout of its newly launched engine fuel cleaning ingredient and other infrastructure projects.
Overly optimistic on the long-term prospects of the Philippine oil industry, Johnson said the launch of the "unbeatable and unsurpassed pre-blended gasoline additive" is just one of the indications of the company’s commitment to continuously invest in the country.
"All of these efforts are proof that Chevron is in the Philippines for the long haul," he said.
Johnson said since 2004, CPI has been undertaking an upgrade campaign as part of its investment plan.
"In Metro Manila alone, we have had a number of retail stations closed for renovation in preparation for this overall transformation," the CPI executive said.
To minimize the impact of its operations on the environment, he said CPI has embarked on a program that would replace its underground steel storage tanks with a double-walled fiberglass system, recognized as the highest global standard.
According to Johnson, they have undertaken an energy conservation program and poured in significant investment to upgrade its facilities that will optimize the energy consumption of service stations.
"Our canopy light conversion alone has dramatically cut our retailers energy consumption. Chevron has upgraded over 140 sites and will have to close 200 additional sites by the end of this year," he added.
Meanwhile, Johnson said they expect the new product to boost the company’s market share. It would be noted that the oil firm’s share in the oil industry’s pie has dwindled because of its decision to close down its refinery a few years back. At present, it merely operates as an oil importer.
Techron, the result of over 30 years of continuous research and improvement, is unique due to its cleaning vital engine formula.
Roger Organ, CPI manager for product engineering, regulations and technology said the product, which was introduced in markets in the Asia Pacific region starting this month, not only cleans the engine but also provides smoother performance by ensuring optimum combustion, reducing misfires and enhancing driveability.