CHEVRON PHILIPPINES, INC. (CPI), a downstream oil company and marketer of the Caltex brand of fuels and lubricants, has renewed its lease agreements with Batangas Land Company, Inc. (BLC) for four properties that house its terminals.
The companies signed new lease contracts covering BLC-owned sites in San Pascual, Batangas; Lapu-Lapu, Cebu; San Fernando (Poro), La Union; and Sasa, Davao City, Chevron said in a statement on Friday.
“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,” said Yu Lee Toh, CPI’s vice-president for Asia Pacific sales.
In 2023, CPI and BLC signed a memorandum of understanding for the renewal of leases on the properties that host the oil company’s terminals serving the country’s fuel requirements.
“These four terminals that we are leasing from BLC in Batangas, Cebu, Sasa, and Poro serve as the backbone of our operations. This seal of renewed partnership enables CPI to continue serving our customers and ultimately providing for the growing energy needs of the country,” said CPI Chairman Billy Liu.
CPI is engaged in the importation of crude oil and natural gas and in the manufacture of transportation fuels, lubricants, petrochemicals, and additives.
“This ongoing relationship between Chevron and BLC is more than just a business transaction. It is proof of what can be achieved when both sectors unite with a shared vision, an example of how working together can create lasting impact,” said BLC President Lilia Arce.
BLC is a joint venture between CPI and the National Development Company, the government’s investment arm. — Sheldeen Joy Talavera
