Eastern Petroleum targets to distribute its composite liquefied petroleum gas in the Visayas and Mindanao in 2014.
The company currently offers franchise for distribution of the fire-proof composite LPG dubbed EC Gas for Eastern Composite in Luzon.
Eastern Petroleum Group chairman Fernando Martinez is positive of hitting their 100-distributor target in Luzon by the end of this year to be able to expand in the rest of the country next year.
“Next year, we are racing to 500 (outlets),” he said.
Martinez said they target to build their refilling plant in the Visayas and Mindanao in the first quarter of 2014 since they have already acquired the lots.
These plants are being eyed to be located in Cebu, General Santos City, Digos and Sta. Cruz in Davao and the company will invest at least P250 million to put up each plant.
Construction of the plant will take about six months.
Martinez said they are considering another factor which they need in putting up the machineries from Europe.
"It takes three months to bring in the European refilling plants, which are very, very accurate,” he added.
Martinez eyes a large part of their 2014 income to come from the LPG business.
Eastern Petroleum targets a net income of P50-100 million this year and about P100-300 million next year.*PNA