Subic Bay approves bunkering investment

The Philippine Subic Bay Metropolitan Authority (SBMA) has approved 34 investment projects, including one on bunkering, at Subic Bay Free Port.

The $6-billion investment commitments to develop the port have increased by $87.63 million after the 34 new projects are approved last week.

Among the new investments, private firm Ocean Coast Shipping Inc. has pledged $350,000 for bunkering, brokerage and other port services.

The leading investor is Puregold Duty Free, which is embarking on a $50-million expansion program for its retail outlet at the port.

Other heavyweight investors include Sultan Ahmen Lootah Enterprise Corp infusing $6.72 million, Pacific Ocean Underwater Solutions Corp with $5 million and Samahophir Corp also with $5 million.

Subic Bay was originally built by the government to house the US Navy rather than commercial vessels. The port's deep water and good shelter, however, is a plus point for it to be developed into a major container transshipment port for the region. 

Source: http://www.portworld.com/