- MANILA: The Philippines’ Petron Corp will spend around $1.8 billion to upgrade its oil refinery in Bataan, northwest of Manila, as it seeks to boost long-term growth, chairman Ramon Ang said.
The country’s top oil firm said the project will enhance the country’s oil supply security and its capacity to meet the growing demand for white products such as liquefied petroleum gas, gasoline and diesel, and petrochemicals.
The expanded facility, which currently has a 180,000 barrel-per-day capacity, would allow Petron to “digest” a wider range of crude oils, including from African sources, Ang said at a company event at the refinery.
Petron, controlled by local conglomerate San Miguel Corp , buys most of its crude supply from Saudi Arabia.
Ang, who is also president of San Miguel, said the refinery upgrade supported Petron’s strategic initiatives including its retail expansion program and the integration of its petrochemicals business.