Pryce expands capacity of LPG terminal

MANILA, Philippines - Pryce Corp. is expanding the capacity of its liquefied petroleum gas (LPG) terminals to solidify its position as one of the country’s major distributors of cooking gas in Visayas and Mindanao, company officials said.

The company, through subsidiary Pryce Gases Inc. (PGI), is boosting its storage capacity in three locations, namely Sta. Cruz,  Davao del Sur; Balingasag, Misamis Oriental and Sogod, Cebu, Pryce president and chief operating officer Efren Palma said.

The Davao del Sur terminal will have an additional 1,200 metric tons (MT) on top of its existing 2,200 MT capacity which will be completed in September.

Another 2,000 MT will be built in the 1,100-MT terminal in Balingasag, Misamis Oriental and an additional 1,200 MT will be added to the existing 2,590-MT terminal in Sogod, Cebu. Both expansion works will be completed in May 2018, Palma said.

“All these ongoing expansion show the serious intent of Pryce Gases to enhance and further solidify its market positions in the regions being served by these terminals,” he said.

In an interview with The STAR, Pryce chairman and chief executive officer Salvador Escano said the expansion projects would also allow the company to sell cheaper LPG products to the market.

“It will make it easier for the company to supply its markets. It also makes it cheaper to supply because when you have a bigger storage area, you can purchase LPG from tankers at a cheaper price,” he said.

Discharging of the imported LPG becomes more efficient as it will now be able to fully accommodate the normal 2500-MT LPG carriers, as opposed to sharing a shipload with other terminals of the company.

Thus apart from the three terminals, Pryce is also looking at expanding its three other terminals in the Visayas and Mindanao.

“We have seven in Visayas and Mindanao, four are being expanded. Eventually, two, three years from now, we may expand the remaining three to make it possible to receive cargo in one go,” Escano said.

Last January, PGI completed the 2,100-MT storage tank in its import-marine terminal in Albuera, Leyte which effectively increases the terminal’s total storage capacity to 3,100 MT.

Meanwhile, the company’s terminal in San Fabian, Pangasinan will retain its current total storage capacity of 8,400 MT.