Petron nears completion of $2-B project
MANILA, Philippines – Petron Corp. on Tuesday announced that its biggest investment to date, the $2 billion expansion of its Bataan refinery, is nearing completion.
“The Refinery Master Plan Phase 2 (RMP-2) project is now in its finishing stages and pre-commissioning activities are already ongoing,” the firm said in a statement.
The RMP-2, which will be in full commercial operations early next year, allows Petron’s 180,000 barrels-per-day Bataan refinery to run at full capacity, converting current negative margin fuel oil into higher value fuels such as gasoline, diesel, and petrochemicals.
Petron said the increase in local production helps ensure the country’s supply security since it lessens dependence on imported fuels.
“RMP-2 underscores our commitment to nation-building. Once completed, Petron will be able to supply more premium fuels at a time when the Philippines is experiencing unprecedented economic growth,” Petron chairman and chief executive Ramon Ang said.
“It further enhances supply security since it gives us the flexibility to refine crude oil from various sources,” he added.
Petron said the expansion does not only make Petron Bataan Refinery (PBR) into one of the most advanced facilities in the region, it has also created hundreds of job opportunities in the area.
Petron has a combined global network of over 2,700 stations.
In the Philippines, Petron has about 2,200 stations, with about 37 percent total market share.