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PETRON CORPORATION UNVEILS MAJOR REFINERY EXPANSION PLAN
April 6, 2011
To meet the fast-changing energy needs of the Philippines, the country's leading oil refining and marketing company Petron Corporation recently unveiled its Refinery Expansion Project (RMP-2) during the commemoration of Petron Bataan Refinery's (PBR) 50th anniversary. The project - the company's biggest and most ambitious investment to date - is targeted for completion towards the end of 2014.
"The decision to undertake this massive project was borne out of the vision to make Petron Bataan Refinery among the best in Asia," Petron Chairman and CEO Ramon S. Ang said. "From a national perspective, this major investment underscores our belief in the country's prospects and our strong commitment to significantly contribute to nation-building."
RMP-2 will further enhance the country's supply security, increase Petron's capability to supply the increasing demand for white products (LPG, gasoline, and diesel) and petrochemicals.
Once completed, RMP-2 will enable Petron's Bataan Refinery to "digest" a wider range of crude oils including from African sources, giving it greater flexibility to source cost-efficient crude types from any part of the world.
Petron's operational efficiency will also significantly improve since the project allows the full "conversion" of all remaining black streams into high-margin white products and petrochemicals. This means that the company can run its refinery 100% without incurring penalties from producing low-value fuel oil. For instance, the project will increase current propylene production by nearly 200%. The project doubles Petron's refining complexity, enabling it to compete more effectively with refineries in the Asia-Pacific region.
Another benefit from RMP-2 is the local production of fuels that meet the global clean air standard of the future - Euro 5, further improving air quality in the country.
Petron will partner with leading global technology and engineering companies focused on refining and petrochemical production namely Axens, UOP, CBI Lummus, Foster Wheeler, and Daelim.
"The RMP-2 project supports Petron's strategic initiatives namely our retail network expansion program, the integration of our petrochemicals business, and increasing our presence in the export market. These are aimed at ensuring its growth momentum over the long-term." Mr. Ang added.
As of end 2010, the company already has over 1,700 service stations - by far the largest in the country. The country's fuel demand is expected to increase as the economy continues to grow.