Oil tanker venture eyes P603-M vessel

04/28/2008

Local firm Core Maritime Corp. has proposed to engage in domestic shipping operations that would transport petroleum products in key sites in the country through the acquisition of a new tanker vessel valued at P603.55 million.

The proposed venture was entitled to enjoy strings of perks as approved by the Board of Investments (BoI).

According to the BoI, the planned venture that involves the operation of one vessel, was the first in the industry to use a brand new unit. Most of the existing operations are using second-hand.

The firm intends to engage in the transportation of petroleum products from refinery terminals to oil depot along coastal routes all over the Philippines.

Core which is a new company in the industry will purchase imported 5,000 DWT (dead weight ton) double hull vessel. The project is expected to create jobs for 44 Filipinos once its start commercial operations in November 2010.

The firm started to operate in 1988 with two chartered foreign vessels for use in the domestic trade. After two years, it bought its first vessel, the m/t Core Diamond and expanded to three vessels in 1992 when it acquired the m/t Core Ruby and m/t Core Sapphire. Ayen Infante

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