Petron Corp., Philippines’ largest oil refiner, is embarking on a P74.78 bln modernization and expansion program to transform its Bataan facility into a full-conversion plant, after which, it would produce white products compliant with the Euro international standards for clean fuels, improve efficiency, increase its presence in the export market, and supports business integration and expansion of its retail business. The Board of Investments has approved Petron’s project called “Refinery Expansion Project (RMP-2) with five year income tax holiday as it qualifies for incentives under the Downstream Oil Industry Deregulation. The expansion will be financed via a combination of internally-generated funds and loans. Bulk of the project would be used for the acquisition of new equipment particularly on converter units. Full conversion means a 90% improvement in the sulfur content of Petron’s oil products.

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