Visayas Oil Spill

MANILA, Philippines--SECURITY Bank Corp. was tapped by Petrolift Inc. to provide P1.8-billion in financing that will be used for the acquisition of double-hulled petroleum tankers and the retrofitting of the firm's existing single-hulled tankers.

SB Capital Investment Corp., the investment banking arm of Security Bank, was named the coordinating arranger for the financing deal.

The Petrolift Group is the country's leading oil and gas tankers operator and bulk logistics provider. It operates a fleet of petroleum and liquefied petroleum gas (LPG) tankers that transport petroleum products and chemicals to major ports and depots in the country. Its clients include the oil majors: Petron Corp., Pilipinas Shell Petroleum and Chevron.

Patricia May T. Siy, Security Bank senior vice president and head of corporate relations group, reiterated the bank's commitment to support emerging companies such as Petrolift in the pursuit of their business goals.

Early last year, Petrolift got a P736-million term loan facility from Security Bank. This was used to purchase Petro Anica, one of the most advanced shipping vessels in the country, in compliance with the government policy requiring the use of double hulls in transporting oil products.

SB Capital executive vice president Conrado A. Gloria Jr. said the loan was a proof of SB Capital and Security Bank's support for and faith in Petrolift's objective of becoming the company of choice in the oil tankering and logistics business.