French oil company Total S.A. has inked a partnership deal with Filipino firm Filoil Energy Co. Inc. to increase its network size as well as double its market share in the Philippines. Total is eyeing to expand its network from 206 to 442 service stations and improve its retail market share from 3% to 6%.
Total Asia Pacific Senior Vice President of Marketing & Services Francois Dehodencq said in a statement that their partnership with Filoil will propel the company’s growth in the Philippine market.
“The synergy from Total’s operational expertise and Filoil’s excellent nationwide logistics will propel our growth in the Philippine market. This partnership allows Total to continue its development in Asia-Pacific and brings to 1,700 the number of service stations we have in the region,” Dehodencq said.
Total Philippines Managing Director Dilip Vaswani added that this joint venture will allow the company to provide quality fuels to more Filipinos.
“This joint venture will allow us to provide quality fuels and services to more Filipinos. We see a huge potential in the Philippine market and we are keen to capture this growth,” commented Vaswani.
Total has been present in the Philippine market since 1997 and has been engaged in the importation, distribution and marketing of refined petroleum products such as fuels, lubricants and special fluids.
On the other hand, Filoil said that they have established itself as one of the fastest growing oil companies in the competitive Philippine petroleum industry and has since grown its network to over 236 retail stations and 9 depot terminals nationwide.
In addition, Total said that the partnership would create a marketing and logistics company which would be subject to approval of government authorities.
Quite a sad exhibit but hey, at least now we know.
This is a good a time as any to get your hands on a Honda.
Details are still vague at this point, but we’re already excited.