Seaoil may very well be the first local petroleum company to put up a service station along the Subic-Clark-Tarlac Expressway in the near future.
According to PhilStar.com, the Bases Conversion and Development Authority has awarded Seaoil Philippines the lease and development of a two-hectare property along SCTEX in the Concepcion, Tarlac, area.
"We gave the notice of award to the lone complying bidder (Seaoil) last week," BCDA asset disposition program committee chairperson Nena Radoc told PhilStar.com in a telephone interview.
Radoc added that Seaoil's bid for the property was higher than the minimum acceptable starting annual fixed lease of P2.24 million set by the BCDA for the property. The lease is also supposedly subject to a 5% annual escalation.
Once the BCDA and Seaoil sign the lease and development contract in Decemeber, Seaoil reportedly has one year, upon payment of the lease, "to put up the facilities in the service area such as a gas station, restrooms, parking slots, emergency first-aid station, potable water and lighting system, emergency vehicle repair shop, and convenience stores."
According to the BCDA, the lot will be leased for 25 years and can be renewed for another 25 years.
The report added that the BCDA also has a two-hectare property along the SCTEX in the Macangcung area--also in Concepcion, Tarlac--that did not receive any bids during the auction that was conducted in September.