PETRON CORP. aims to bring up to 3 billion pesos in upgrading its Bataan refinery after receiving permission from the Authority of the Freeport Sector of Bataan (AFAB).
“As part of its pledge to AFAB, the Firm plans to make multiple capital expenditures of almost P3 billion over the next five (5) years in order to further boost the performance of the integrated activity of its Petron Bataan Refinery,” Petron said in a statement.
BP’s registration in the Freeport Region of Bataan also played a major role in the financial sustainability of the oil company.
AFAB is an essential path for Petron to render its refining sector more sustainable in the long term and resolve some of its main concerns.
Last month, the company mentioned that it will be shutting down activity of its Crude Oil Refinery.
Petron was forced to halt its activities in its LIG factory.
On Monday, the refinery is expected to shut down early next year.
Energy Secretary Alfonso G. Cusi conveyed his gratitude to Petron’s decision to close its oil refinery.
Mr. Cusi also voiced his approval for Petron’s plan to create its oil refinery a special economic zone to lure investors. He made it evident that the closing of the plant would not depend on the country’s oil supply.
In the third quarter, Petron announced that it had returned to profitability as it recorded a net income of P1.63 billion. Even in the second quarter last year, the company’s profits turned out to be negative.