Author Topic: Philippine-based Petron Eyes Expansion in Southeast Asia  (Read 668 times)

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Philippine-based Petron Eyes Expansion in Southeast Asia
« on: March 30, 2012, 06:11:32 PM »
By MYRNA M. VELASCO
Manila Bulletin

Leading domestic oil industry player Petron Corporation is setting its sights on another expansion venture in the Southeast Asian region, the target this time will be Esso’s facility in Thailand if it will be put up for sale.

When asked by reporters, Petron president Eric O. Recto noted that “if it (Esso Thailand) does become available, we will look at it.”

He qualified though that based on information they gathered, that particular facility “is not for sale” at this time. It was only last year that “there was talk about it being available for sale which was brought about by interest that PTT or Thai Oil had expressed,” he said.

“So right now, we are not actively pursuing that acquisition but if something worthwhile comes up, we will look at it,” Recto stressed.

If the Thailand acquisition comes into fruition, this will be the second overseas investment foray that Petron will be engaging in. Its parent firm San Miguel Corporation plunged into the $600 million acquisition of the Esso asset in Malaysia last year and the deal is now due for conclusion.

Beyond the regional expansion the company has been continuously exploring, the company executive bared that they will also invest an additional P8.0 billion to expand the capacity of its petcoke-fueled power facility that will cater to the electricity requirements of its upgraded refinery in Bataan.

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