Petron Corporation Plans to Invest $2 Billion to Construct New Refinery in Philippines

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Researched by Industrial Info Resources (Sugar Land, Texas). Petron Corporation (OTC:PETZF) (Limay, Philippines) is currently conducting a feasibility study of constructing a second refinery located at the Southern Island of Mindanao in Davao, Philippines processing Saudi and Heavy & Light Arab Crudes. The planned refinery will have a total capacity of between 150,000 – 180,000 barrels per day to meet domestic and international needs. The company will continue site evaluations and expects to complete the study in early 2007. Upon favorable studies, the company will select an engineering and construction company to perform engineering, procurement, and construction services for the crude oil refinery. The company anticipates beginning construction in late 2008 and with startup in late 2011.

Petron Corporation is the largest oil refinery in the Philippines supplying more than a third of the country’s requirements. It operates the Bataan Refinery with a total crude capacity of 180,000 barrels per day producing gasoline, jet fuel, LPG, diesel, kerosene, asphalt, fuel oil, solvents, and mixed xylenes. In 2005, Petron completed some clean fuel projects at the Bataan refinery by commissioning a 10,000-barrel per day isomerization unit utilizing UOP technology. In addition, the company started up a 22,000-barrel per day diesel hydrotreater and a supporting hydrogen unit producing low sulfur diesel (LSD).

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