Flying V to pursue diversification projects

MANILA, Philippines - Flying V, one of the country’s aggressive independent oil players, is optimistic it can pursue its diversification projects in 2010.

“As we look into the future, Flying V’s focus shall concentrate on alternative sources of energy and the promotion of biofuels. It shall continue to explore areas under solar, wind, the development of CNG, biomass and other indigenous sources of biofuels,” Flying V chairman Ramon Villavicencio said.

“Flying V has to start now – as it takes 10 to 15 years to generate one percent required to supply the world’s energy requirements. Flying V hopes to maintain its strong advocacy in leading the Philippines towards more energy independence,” he added.

Villavicencio said that “the year 2009 was a difficult and forgettable year for Flying V, considering the very competitive nature of the industry, which was further aggravated by the implementation of EO 839 during the last quarter.”

Flying V now has a total of 203 retail stations around the archipelago, having built 37 new sites in 2009 alone. Their original retail network development objective of 100 stations for this year was curtailed by mid-year because of unfavorable conditions.

In 2010, Flying V expects to build 80 more sites and penetrate remote areas to bring petroleum products nearer to the customer.

At present, Flying V 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. Four more depots are expected to be completed this coming year.

The company’s expansion plan for 2010, Villavicencio said, has a projected investment level of P500 million coming from internally generated funds, infusion of new capital, from profits and depreciation.

This December, Flying V launched the ‘Green Drive’ where motorists can avail of ‘green’ shirts and a special collectible die-cast toy tanker, whose proceeds shall all go to the Foundation’s indigent recipients.