Jetti Petroleum gets BOI perks for P1-B fuel storage facilities, retail stations

The Board of Investments (BOI) has approved Jetti Petroleum Inc.’s new investments for oil storage facilities and new retail stations and awarded the firm incentives including income tax holidays, exemption from taxes and duties on imported equipment for terminal use and access to bonded manufacturing or trading warehouse schemes. Jetti supplies competitively priced fuel products to Visayas and Mindanao. It also has Metro Manila gas stations. In a statement, the company disclosed investments in two fuel terminals: the newly opened five-million-liter capacity Iloilo Bulk Terminal in Iloilo City and its biggest import and bulk terminal yet to be constructed in Mariveles, Bataan with a planned capacity of 62 million liters. New stations the company will put up to complement these two storage facilities will enjoy the same perks as well. Jetti’s total investments for the construction of the Iloilo and Mariveles fuel depots, plus the construction of 10 stations in North Luzon and 18 stations in Western Visayas are estimated to exceed  P1 billion. “Our total investments for the said storage facilities and retail network expansion could even go up to P1.2 billion now that the company plans to put up more than the number of stations that we originally presented in our application with the BOI," said corporate affairs manager Leo Bellas. With the opening of the Iloilo bulk terminal in September of this year and the target completion of the company’s Mariveles fuel depot by end of 2013, Jetti will now have a total of four fuel terminals. The other terminals are the 46-million-liter capacity import and bulk terminal in Tagaloan, Misamis Oriental and the 16-million-liter capacity bulk terminal in Naic, Cavite. Bellas explained that “JETTI is heavily investing in the country’s downstream oil industry. As an all Filipino-owned company, we want to be able to help in the progress of different areas in the country by providing them more options for fuel sources.” — EST/BM, GMA News