Petrolift gets tax perks for double-hull oil tanker

Leading petroleum shipping firm Petrolift Inc. was granted a six-year tax holiday package by the Board of Incentives (BOI) for its purchase of a brand new double-hull oil tanker.

Oceanlink Tankers Inc., a subsidiary of Petrolift Inc., said to be the country’s tankering and logistics provider, was granted pioneer status by the BOI under the shipping activities of the 2007 Investment Priorities Plan for their acquisition of Petro Celine, a brand new 6,300 DWT double-hull tanker.

Petro Celine is Petrolift’s third brand new double-hull tanker that will transport petroleum products from refineries and terminals of oil companies all over the archipelago.

 The ship is reportedly equipped with the latest navigational systems and a German built engine that ensures safety and efficiency for its clients.

 Clarissa Leonio-Asuncion, Petrolift chief financial officer, expressed the company’s delight over the BOI-mandated status.

 Petrolift is now leading the local shipping industry in modernizing their fleet of vessels to double-hull ships in time for the April 2008 ban on single-hull oil tankers plying the country’s waterway.

 The Marine Industry Authority (MARINA), it will be recalled, is set to implement Memorandum Circular 2007-001, which mandates all fuel oil tankers to be double hulled by April next year.

  Compared to single-hulled tankers, double-hulled vessels provide an added layer of protection to help maintain cargo integrity.

  With an added layer of protection, a double-hulled vessel has a double bottom and is double walled thus effectively eliminating the risk of spillage and associated marine pollution in the event of an accident.

 Currently, Petrolift is said to have the largest capacity of double-hull compliant tankers in the country. Petro Celine is the third double-hull tanker of the group.

Petrolift and its subsidiaries are engaged in the business of providing oil and gas tankering, bulk logistics and allied marine services.