Petron Corp., the country’s largest oil refiner and distributor, is on track with the construction of its $2-billion Refinery Master Plan Phase 2 (RMP-2) project, with a plan to have it on full commercial operation by early 2015.
RMP-2 will allow Petron’s Bataan refinery to run at full capacity, converting current negative margin fuel oil into higher value fuels such as gasoline, diesel, and petrochemicals.
In a statement, Petron announced that it is now in its final stages for the project and that pre-commissioning activities are already ongoing.
“Once completed, Petron will be able to supply more premium fuels at a time when the Philippines is experiencing unprecedented economic growth,” Petron chairman and chief executive officer Ramon Ang said.
The company currently has 2,200 service stations and has dozens of stations in the pipeline.
“We are keen to unlock the full potential of our entire value chain—from production to distribution to marketing. RMP-2 allows us to do just that and gives us a unique advantage over competition,” Ang added.
This investment will make Petron the only oil company in the country capable of locally producing fuels under the Euro-4 standard.
Compliance with the globally-accepted Euro-4 standard by 2016 is a mandate of the Department of Environment and Natural Resources (DENR).