SMC fuels Petron insurer with P3-B capital to expand business | Inquirer Business
Close  

SMC fuels Petron insurer with P3-B capital to expand business

/ 05:14 AM December 04, 2020

San Miguel Corp. (SMC) is infusing P3 billion into Petrogen Insurance Corp., one of nine wholly owned units of oil refining and marketing subsidiary Petron Corp.

The homegrown conglomerate said in a regulatory filing that SMC’s board decided on this move with the intention of enabling the nonlife insurer to expand its business.

ADVERTISEMENT

Petrogen services the insurance needs of its parent Petron. Data from Petron shows the subsidiary is engaged in all kinds of insurance and reinsurance for sea and land, for properties, goods and merchandise, for transportation and for coverage against fire, earthquake, marine perils and accidents.

“With the investment, [we] will have a direct equity interest in Petrogen … in addition to current indirect equity interest through Petron,” SMC said.

FEATURED STORIES

Petron’s eight other wholly owned subsidiaries are: Overseas Ventures Insurance Corp. Ltd., Petron Freeport Corp., Petron Marketing Corp., Petrofuel Logistics Inc., Petron Singapore Trading Pte. Corp., Petron Global Ltd., Petron Finance (Labuan) Ltd., and Petron Oil and Gas Mauritius Ltd.

The Philippines’ sole crude oil refiner, through Petron Oil and Gas, maintains a subnetwork of subsidiaries through which it conducts business in Malaysia.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Petrogen Insurance Corp., Petron Corp., San Miguel Corp. (SMC)
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2021 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.