Pryce Gases Inc., a unit of Pryce Corp., said it is constructing a new liquefied petroleum gas storage tank with a capacity of 2,000 metric tons in its import-marine terminal in Albuera, Leyte to serve the rising demand in Visayas.
Pryce Corp. said in a disclosure to the stock exchange the additional 2,000 MT storage tank would increase the terminal’s total storage capacity to 3,000 MT.
“This will make discharging of the imported LPG more efficient since it will now be able to dully accommodate the usual 2,000 MT LPG carriers, as opposed to sharing a shipload with yet another terminal of the company,” Pryce said.
The move is in response to the increasing demand of LPG in Eastern Visayas and will mean generating greater revenues in the said region.
The company also owns a 2,590-MT storage import terminal in Sogod, Cebu to serve the growing markets of Cebu and Bohol.
Two 900 MT storage terminals were also constructed in Negros Oriental and Iloilo to cover Central and Western Visayas.
Pryce also constructed several refilling plants in Iloilo, Negros Occidental, Cebu and Leyte to support its LPG network in the Visayas.
The company also owns sea-fed terminals in Misamis Oriental and Astorga, Davao del Sur with capacity of 1,200 MT and 2,200 MT, respectively. It also owns a 1,010 MT storage terminal in Zamboanga City.
Pryce’s fourth LPG storage tank (2,000 MT) at its import-marine terminal in San Fabian, Pangasinan was completed in early February, increasing its capacity to 8,400 MT, the biggest in Northern Luzon and the second largest in the country.
The company plans to aggressively distribute Pryce Gas-branded cylinders as part of its strategy to enlarge its footprint in the Luzon LPG market.
“These actions signify PGI’s strong and serious intent to become a meaningful player in the Luzon and NCR markets,” it said.
Pryce sources its LPG from Asian suppliers that ship the LPG to is terminal using marine carriers with capacities of 2,000 to 2,500 MT of LPG.
The company has a market share of 24.24 percent in Mindanao, 20.74 percent in the Visayas and 9.43 percent in Luzon in 2015, according to Energy Department data.
The company has 12.1-percent market share, or equivalent to 1,319 MT in the industrial gas market.