MANILA, Philippines?Oil refiner and retailer Petron Corp. is expects to spend P15.1 billion this year for projects as it moves to further strengthen its foothold in the market.

In a regulatory filing, Petron said its management had approved capital projects worth P13.9 billion.

The amount, it said, was earmarked for a planned 70-megawatt (MW) power plant; service station and nonfuels business expansion; additional tankage at the depots and at the refinery; maintenance projects; and the relocation of the Makati head office to San Miguel Corp. compound.

?The remaining projects worth P1.2 billion will be further evaluated within the year,? Petron added.

As of end-June this year, Petron had shelled out P6 billion for its capital expenditure projects and debt repayments.

According to its report, Petron has spent P1.64 billion for the construction of its power plant, which began this year.

The P10-billion power facility, which will be put up in its refinery compound in Limay, Bataan, is expected to improve the reliability, sourcing flexibility and cost efficiency of the refinery?s system to meet Petron?s growing steam and power requirements. The facility is expected to start running by 2012.

The use of its own power plant is expected to generate around P1 billion in savings yearly for the oil company.

Petron also reported that it had spent P532.6 million for its retail network expansion. About P1 billion a year is programmed for this over the next five years.