Petron Corporation welcomes the approval of its application as a Freeport Area of Bataan or FAB-Registered Enterprise and thanked the AFAB Board for this positive development.
Petron is the largest oil refining and marketing company in the Philippines.
In a news statement sent to this reporter on Friday, the management said the registration of Petron’s refinery facility located in Limay town will help make Petron’s refining business “more competitive by improving its financial viability in the long run.”
As part of their commitment to the Authority of the Freport Area of Bataan or AFAB, Petron is expecting to undertake several capital investments amounting to nearly P3 billion to further improve the efficiency of the integrated operation of the refinery.
“We are also building 2 units of steam generator plants with a project value of P11.6 billion. The project will generate significant savings on the refinery’s power cost,” the statement said.
Considering that the refining business remains challenging both here and around the world, Petron plans for the refinery to undergo an economic plant shutdown early this year will still proceed.
“This move is necessary to maintain the viability of the refining segment of our business by minimizing losses from operating at a time when margins are expected to remain low,” Petron stated.
The Petron management is confident that Petron Bataan Refinery or the PBR’s registration with AFAB will address some of the major concerns confronting their refining operation.