Petron chairman sees no need to change business strategy
Philippine Daily Inquirer
First Posted 23:34:00 05/13/2008
Filed Under: Oil & Gas - Downstream activities, Company Information
Petron Corp. chairman Nicasio Alcantara yesterday said there would be no change in the oil refiner and retailer’s business strategy after the government’s Philippine National Oil Co. (PNOC) sat out the sale by Aramco Overseas Co. of its 40-percent shareholding in Petron to the London-listed Ashmore Group.
PNOC holds another 40 percent in Petron.
“Petron is a strong stand-alone company with solid fundamentals,” Alcantara said in a statement. “We have undisputed industry leadership in the Philippines with the largest distribution and marketing network and world-class products and services, and this will not change with the new share ownership structure.
“With PNOC’s decision, we will continue to move forward with initiatives that will enable Petron to achieve even higher growth,” he added.
As part of its long-term diversification strategy, Petron recently commissioned the Philippines’ first petrochemical feedstock units—a petro fluidized catalytic cracker and a propylene recovery unit.
The company said these facilities would enable its refinery to convert black products into high-value fuels such as diesel and gasoline, and produce the petrochemical feedstock propylene.
Petron is also building a benzene-toluene-xylene unit, which will produce additional petrochemical feedstocks.
On Monday, PNOC announced that it had decided not to exercise its right of first offer for the Aramco shareholding. Its decision allowed Aramco and Ashmore to proceed with the transaction. With editing by INQUIRER.net
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