We operate a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels a day. Our ISO-14001-certified refinery processes crude oil into a full range of petroleum products including LPG, gasoline, diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts, and mixed xylene.
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Petron Corporation\'s more than 70 years of existence in the Philippines is a further testament to its commitment to providing quality products and services..
Petron\'s colorful history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early \'60s split the marketing and refining interests of the company between Esso and Mobil.
In 1973, Esso sold its business to the government which became the Philippine National Oil Company or PNOC. Subsequently, Mobil also sold its share of the refinery to PNOC.
The oil refining and marketing units in PNOC were eventually merged to form Petrophil, which was later renamed as Petron.
As part of the government\'s privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world\'s largest oil producer, Saudi Aramco.
On February 3, 1994, PNOC and Aramco Overseas Company BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public.
In March 1994 Saudi Aramco acquired a 40% stake in Petron, the downstream unit of the Philippines National Oil Co. (PNOC), for $532m in cash. Another 40% is held by PNOC. The remaining 20% are held by more than 220,000 individual and corporate investors, including Petron employees, purchased in a September 1994 stock offering.
2008/6/18 Thomson Financial
Gov’t may sell Petron stake to help poor
The government is considering selling its remaining 40-percent stake in oil refiner Petron Corporation to raise money to help the poor, Finance Secretary Margarito Teves said Tuesday.
Ashmore bought 40 percent of Petron from Saudi Aramco in May this year for $550 million and tendered for the remaining 60 percent worth about $827.23 million.
Of the 60 percent, small investors hold 20 percent.
Philippine law only allows foreigners 49 percent ownership.
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