EASTERN EYES P2 BILLION IN SALES FROM STATIONS October 13, 2005 By Abigail L. Ho, Philippine Daily Inquirer INDEPENDENT OIL FIRM EASTERN PETROLEUM CORP. EXPECTS TO RAKE IN P2 billion in additional revenues a year with the opening of 200 "energy stations" in the next three years. Eastern Petroleum president Fernando Martinez said these new stations, which would sell alternative and traditional fuel and would need around P500 million to set up, would change the company's revenue mix as sales would likely shift to alternative fuels in the coming years. "At the end of five years, 80 percent of our sales will come from alternative fuels, as long as the current price difference is maintained," he told the Inquirer. Some small oil firms, including Eastern, have started selling coco methyl ester (CME) blended diesel and ethanol-blended gasoline in their service stations, alongside traditional fuels. CME-blended diesel costs around 60 centavos a liter more than a regular diesel, while ethanol-blended gasoline is priced lower than regular gasoline by between 65 centavos and 71 centavos a liter. Before Christmas, Martinez said Eastern Petroleum would be selling autogas, or liquefied petroleum gas for transport, in its stations. In the longer term, he said autogas should account for the bulk of the oil firm's fuel sales. BACK TO NEWS INDEX