The Philippines business arm of Chevron recently renewed the lease agreements it holds with the Batangas Land Company (BLC) for four sites housing its terminals.
Chevron Philippines Inc (CPI) is a downstream oil company that supplies and markets lubricant and fuel products, and is a subsidiary of Chevron that owns the well-known Texaco lubrication line.
According to a recent statement from Chevron, the two companies have now signed lease contracts that cover BLC-owned Philippines properties in Batangas’s San Pascual, Cebu’s Lapu-Lapu, La Union’s San Fernando and Davao City’s Sasa.
Vice-president of sales for Asia Pacific at CPI, Yu Lee Toh, commented:
“This lease renewal not only solidifies Chevron’s presence in the Philippines, but it also provides a solid foundation that allows Chevron to confidently invest in our growth and expansion.”
Billy Liu, CPI’s chairman, added that the four leased terminals acted as the pillars of Chevron’s operations. He stated that the recent partnership renewal will let CPI keep serving its customer base and ultimately cover the increasing energy needs of the nation.
Back in 2023, BLC and CPI signed and completed a memorandum of understanding regarding the renewal of leases for the sites that house Chevron’s oil terminals that serve the Philippines fuel requirements.
CPI is currently engaged in importation activities of natural gas and crude oil, but also in the manufacturing of petrochemicals, lubricants, transportation fuels and additives. BLC is classed as a joint venture between the Philippines’ National Development Company and Chevron.
