Filipino energy company Eastern Petroleum Corp. is expecting to invest between 4 billion to 5 billion Philippines peso ($76 million to $95 million) to corner five percent of the liquefied petroleum gas (LPG) market.
With the investments, Eastern Petroleum intends to roll out 1 million LPG tanks, put up depots and acquire trucks for transportation.
The company is seeking to add 50 company-owned LPG outlets to increase its market share for this year and boost its store count from 140 to 190.
Furthermore, Eastern Petroleum will focus on Metro Manila, Southern Luzon, Central Luzon, which constitutes the equivalent of half of the total consumption of LPG for the entire industry in the next three years.