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Press Release: December 10, 2007


Petrolift’s Third Double Hull Tanker earns BoI incentives

The Bureau of Investments recently granted leading tankering Oceanlink Tankers Incorporated, a six-year package of tax incentives for the company’s latest double hull tanker.

Oceanlink Tankers Incorporated, a subsidiary of Petrolift Inc., the leading tankering and logistics provider was granted pioneer status project under the shipping activities of the 2007 Investment Priorities Plan for the acquisition of Petro Celine, a brand new 6,300 DWT Double Hull Tanker.

Petro Celine is Petrolift’s 3rd brand new Double Hull tanker that will transport petroleum products from refineries and terminals of oil companies all over the archipelago.  The ship is equipped with the latest navigational systems and a German built engine that ensures safety and efficiency for its clients.
Petrolift CFO Clarissa Leonio-Asuncion has expressed the company’s delight over the BoI mandated status.

The industry is set to modernize next year as the government is set to implement Memorandum Circular 2007-001, which mandates that all fuel oil tankers be double hulled by April 2008.  Compared to single-hulled tankers, double-hulled vessels provide an added layer of protection to help maintain cargo integrity. With emphasis in added layer of protection, a double-hulled vessel has a double bottom and is double walled thus effectively eliminating the risk of spillage and associated marine pollution in the event of an accident.

Currently, Petrolift has the largest capacity of double hull compliant tankers in the country.  Petro Celine is the third double hull tanker of the group that was given primer status by the BoI in the last twelve months.
James Almeda
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