The PHIVIDEC Industrial Authority (IA) has renewed its 25-year lease agreement with Jetti Petroleum, Inc. for a petroleum storage facility in Misamis Oriental. Signed on April 15, the agreement supports ongoing industrial operations and logistics in northern Mindanao.

The renewed lease covers approximately 40,470 square meters of land, 1,274 square meters of buildings, and 37,876 square meters of foreshore and offshore areas, including a berthing facility in Barangay Sugbongcogon, Tagoloan. It replaces leases originally expiring in 2025 and 2028, and takes effect immediately.

“For over two decades, Jetti Petroleum has been an integral part of the PHIVIDEC family, operating a vital petroleum storage facility within our industrial estate,” said Lawyer Joseph Donato J. Bernedo, administrator and CEO of PHIVIDEC-IA. “In those years, Jetti has exemplified what it means to be a responsible locator and a committed lessee. Their adherence to safety, operational discipline, and environmental compliance is a benchmark that others should aspire to match.”

The lease renewal allows Jetti to expand its operations, including the construction of two 10-million-liter vertical storage tanks. Planned upgrades also include building rehabilitation, improved mooring systems, and a laboratory for quality assurance and technical monitoring.

“These are not just operational upgrades,” Bernedo continued. “They are a statement of long-term intent—Jetti’s serious commitment to excellence, sustainability, and future readiness. By choosing to grow with PHIVIDEC, Jetti is saying what we have always hoped our locators would say: we believe in your dream and we are willing to walk with you hand-in-hand into the future.”

The expansion is expected to create local employment in the municipalities of Tagoloan and Villanueva and strengthen regional energy logistics.

Darwin S. Suico, the authorized representative of Jetti Petroleum, expressed enthusiasm about the partnership with PHIVIDEC stating that the agreements ensure the continuity and growth of the company’s operations while reinforcing its role in supporting the region’s energy and trade sectors.

“This isn’t just a business milestone, it’s a testament to the strong relationship we’ve built over time and the shared vision we have for continued growth and development,” he added.

The lease renewal supports PHIVIDEC-IA’s infrastructure development goals and strengthens its position as a trade hub in Mindanao.