Petron Corp. is set to raise P10 billion from the sale of preferred shares for the company’s expansion projects.
In a statement, the company said its board of directors approved the sale of P7 billion worth of preferred shares to the public, with an oversubscription option of P3 billion.
Earlier, Petron said it will focus on its $2-billion Refinery Master Plan 2 (RMP-2), which can convert Bataan refinery’s fuel oil production to higher quality and environment-friendly gasoline and diesel. This is the company’s biggest project to date, aiming to boost its daily fuel production by 180,000 barrels more.
The company posted a net profit of P3 billion in the first semester, up from P1.1 billion a year earlier on the back of higher sales volume.
Revenue rose 18 percent to P258.2 billion from P218.8 billion, supported by the company’s strong Philippine and Malaysian operations.
As of end-June, the company had 2,200 gas loading stations in the country.
In Malaysia, it rebranded 380 out of 550 service stations that it acquired in 2011. It also opened 10 new stations in Malaysia.
Petron’s subsidiaries are: New Ventures Realty Corp., Petrogen Insurance Corp., Overseas Insurance Corp., Ltd., Petron Freeport Corp., Petron Marketing Corp., Limay Energen Corp., Petron Singapore Trading Pte. Ltd., Petron Global Ltd., Petron Finance (Labuan) Ltd., and Petron Oil & Gas Mauritus Ltd.