Petron Corp., the country’s largest oil retailer and refiner, expects to complete the P22.5-billion relocation of its depot operations from Pandacan in Manila to five different sites in Luzon by 2014.
Ramon S. Ang, chairman and CEO of Petron, told reporters that the oil company had begun the transfer of depot operations to several areas, including Cavite and Batangas.
“We’ve started putting logistics tanks… we may even be able to relocate our depot operations before the five-year deadline,” Ang said on the sidelines of Tuesday’s Manila Electric Co. annual stockholders’ meeting.
Ang explained that the oil company had reiterated its commitment to the government to leave the Pandacan site, which is now surrounded by residential areas.
Petron, Pilipinas Shell and Chevron have been under pressure to move their depot operations out of Pandacan due to safety concerns raised by various cause-oriented groups and the Church.
According to Ang, Petron has the necessary resources to fund its planned relocation, adding that its parent firm, conglomerate San Miguel Corp., is cash-rich. San Miguel owns 68 percent of Petron.
Ang also assured the public that the relocation of its depot operations would not hike prices of its fuel products.—Amy R. Remo