Petron Corporation

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Petron Corporation
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  • Standard Vacuum Oil Company (Philippines)
    (1933–1962)
  • Esso Philippines, Inc.
    (1962–1973)
  • Petrophil Corporation
    (1973–1988)
Company type
Public Subsidiary
PSE: PCOR
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Area served
Philippines
Malaysia[1]
Key people
  • Ramon S. Ang (Chairman)[2]
  • John Paul L. Ang (President and CEO)[3]
  • Lubin B. Nepomuceno (General Manager)[2]
  • Emmanuel E. Eraña (SVP & CFO)
ProductsOil
Natural gas
Oil refining
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Total equityIncrease 113.42 billion PHP (2025)
Number of employees
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ParentSan Miguel Corporation (68.26%)[4]
Websitewww.petron.com

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Petron Corporation is one of the largest oil companies in the Philippines,[5] supplying more than a third of the country's oil requirements. It operates a refinery in Limay, Bataan with a rated capacity of 180,000 barrels per day (29,000 m3/d). From the refinery, Petron moves its products mainly by sea to 32 depots and terminals throughout the country. It is the sole oil refiner in the country after Pilipinas Shell exited the refining business.

History

Petron Bataan Refinery in Limay, Bataan, is the sole operating integrated oil refinery and petrochemical plant in the Philippines.
File:April 18, 2005 - Petron Mega Plaza.jpg
Petron Megaplaza in Makati, Philippines, was Petron's headquarters from 1998 to 2010.

Petron's history dates back to September 7, 1933, when Socony-Vacuum Oil Company (Standard Oil of New York) and Standard Oil of New Jersey (also known as Jersey Standard) merged their interests in the Far East into a 50–50 joint venture named the Standard Vacuum Oil Company (Stanvac). It operated in 50 countries, including the Philippines, New Zealand, China, and the region of East Africa.

In 1953, the Philippine national government, partly to promote Claro M. Recto's national industrialization program and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with affordable petroleum products.[citation needed] In 1957, Stanvac won the concession to build and operate a refinery in Bataan.[6][7] For this purpose, FilOil Refinery Corporation was established in 1959.

In 1962, due to an antitrust suit, Stanvac was dissolved and the marketing and refining interests were divided between the former partners.[8] Eastern Standard Esso took over Stanvac's Philippine operations, including FilOil Refinery Corporation.[8] Esso was a trade name used by Standard Oil of New Jersey.

In 1973, the Philippine government, through the Philippine National Oil Company (PNOC), acquired Esso Philippines, Inc., including FilOil Refinery Corporation. Esso Philippines, Inc. was renamed Petrophil Corporation (Petrophil) and by 1974, Esso filling stations were rebranded as "Petron", a portmanteau of petroleum (PET) and research octane number (RON).[9] Subsequently, Mobil (successor of Socony-Vacuum Oil Company) also sold its share in FilOil Refinery Corporation to PNOC. The oil refining and marketing units in PNOC, including FilOil Refinery Corporation, were merged into Petrophil Corporation. In 1988, Petrophil Corporation was renamed Petron Corporation.

As part of the government's privatization program under President Fidel V. Ramos, 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 Co. B.V. signed a share purchase agreement that gave both an equal 40% stake in Petron Corporation.[10] The remaining 20% of Petron shares were sold to the public.

On August 11, 2006, a Petron oil tanker Solar 1, carrying fuel oil sank, causing the Guimaras oil spill, the biggest oil spill in Philippine history.[11][12]

In 2008, Saudi Aramco sold its entire stake to the Ashmore Group, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57 percent of Petron's stock.[13] Ashmore's payment was made in December 2008.[14] In December 2008, Ashmore acquired PNOC's 40% stake. In the same month, San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1 percent of Petron.[15] In 2010, SMC acquired majority control of Petron Corporation.[16]

In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations across Peninsular Malaysia.[17]

On November 9, 2021, SMC CEO Ramon Ang offered to sell Petron back to the government in response to calls for re-nationalization due to rising fuel costs.[18] Over four years later as part of the fallout of the 2026 Iran war, he reiterated such offer[19].

Products and services

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Petron oil station located beside the Daily Express building in Kota Kinabalu, Sabah, Malaysia

The company's ISO-14001-certified[5] 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.[20] Petron's lube oil blending plant produces mechanical lubricants and grease. These products are also sold through service stations and sales centers, and directly to industrial customers with the largest client being the power sector. Petron also supplies jet fuels to international and domestic carriers.

Through more than 1,200 service stations, they retail gasoline and diesel to motorists and public transport operators. They also sell their LPG brand Gasul to households and other consumers through an extensive dealership network.

Petron opened its first fuel additives blending plant in the Asia-Pacific region at the Subic Bay Freeport Zone in November 2008. The plant has the capacity to blend 12,000 metric tons (MT) of fuel additives per year. In 2006, the facility was constructed in partnership with Innospec. As part of the agreement.

In April 2008, Petron commissioned the country's first petrochemical feedstock units, at its 180,000-barrel (29,000 m3)-per-day Bataan Refinery.

The feedstock unit converts black products (fuel oil) into LPG, gasoline, and diesel. It also purifies propylene to manufacture food packaging, appliances, suitcases, furniture, DVDs and car parts.

Sports teams

See also

References

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  1. ^ Page Module:Citation/CS1/styles.css has no content."Who We Are".
  2. ^ a b Page Module:Citation/CS1/styles.css has no content."Petron appoints Danding Cojuangco as chairman". ABS-CBN News. Archived from the original on October 27, 2015. Retrieved February 10, 2015.
  3. ^ Page Module:Citation/CS1/styles.css has no content.Galang, Gabriell Christel (May 7, 2026). "RSA passes Petron presidency to son, John Paul Ang". Manila Bulletin. Retrieved May 7, 2026.
  4. ^ Page Module:Citation/CS1/styles.css has no content."Page 48 -Definitive Information Statement - San Miguel Corp. - May 13 2011" (PDF). Archived from the original (PDF) on August 13, 2012.
  5. ^ a b Page Module:Citation/CS1/styles.css has no content.Gonzales, Iris. "Petron gets world class certification anew". Philstar.com. Retrieved April 1, 2022.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Grant, Tina (2003). International Directory of Company Histories. St. James Press. p. 272. ISBN 978-1-55862-503-7.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Philippines, American Chamber of Commerce of the (1963). The Journal of the American Chamber of Commerce of the Philippines. American Chamber of Commerce of the Philippines. p. 8.
  8. ^ a b Page Module:Citation/CS1/styles.css has no content.Glassburner, Bruce (2007). The Economy of Indonesia: Selected Readings. Singapore: Equinox Publishing. p. 286. ISBN 978-979-3780-55-9.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Road Trip. Top Gear Philippines. p. 9.
  10. ^ Page Module:Citation/CS1/styles.css has no content."Philippine President Rejects Buy-Back of Petron Stocks From Aramco". Tehran Times. September 1, 1999. Retrieved April 22, 2024.
  11. ^ Page Module:Citation/CS1/styles.css has no content.Sarah Toms (August 15, 2006). "Oil spill threatens Philippines". BBC News. Retrieved July 15, 2013.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Arroyo forms task force to oversee oil spill cleanup". INQ7.net. August 23, 2006.
  13. ^ Page Module:Citation/CS1/styles.css has no content."Ashmore gets majority of Petron". Philippine Daily Inquirer. July 23, 2008. Retrieved August 5, 2010.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Ashmore pays P25.7B for stake in Petron". Philippine Daily Inquirer. January 5, 2009. Retrieved August 5, 2010.
  15. ^ Page Module:Citation/CS1/styles.css has no content."San Miguel tightens grip on Petron". Philippine Daily Inquirer. December 24, 2008. Retrieved August 5, 2010.
  16. ^ Page Module:Citation/CS1/styles.css has no content."San Miguel acquires majority of Petron". ABS-CBN News. December 16, 2010. Retrieved May 8, 2018.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Introducing Petron Corp. of the Philippines, Now in Malaysia" (PDF). Petron Corp. Retrieved January 23, 2013.
  18. ^ Page Module:Citation/CS1/styles.css has no content.Corrales, Nestor (November 9, 2021). "Ang says gov't can buy back Petron 'anytime'". INQUIRER.net. Retrieved November 11, 2021.
  19. ^ https://web.facebook.com/PhilippineSTAR/posts/ramon-ang-ready-to-sell-petron-back-to-govtbillionaire-ramon-ang-has-renewed-his/1440822481414960
  20. ^ Page Module:Citation/CS1/styles.css has no content.Times, The Manila (October 16, 2015). "Petron among PH's top 3 sustainable corporations". The Manila Times. Retrieved April 1, 2022.

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