The upgraded plant will produce white products that are compliant with the Euro international standards for clean fuels, improve efficienc,; increase its presence in the export market, and supports business integration and expansion of its retail business.
Petron’s project has received approval from the Board of Investments for five year tax exemption as it qualifies for incentives under the Downstream Oil Industry Deregulation.
The facility is owned by San Miguel Corp and the expansion is financed with a combination of internally-generated funds and loans.
Funding will be used to secure of new equipment particularly on converter units.
Full conversion implies a 90% improvement in the sulfur content of Petron’s oil products, making its products whiter. The refinery will be able to digest a wider range of crude oils including from African sources, on completion of the upgrade in 2015.
