Petron sees $600M in annual earnings

PETRON Corp., the largest oil refining and marketing company in the Philippines, is projecting earnings of about $600 million a year once the planned expansion of its refinery in Malaysia is completed.

“Once the expansion is finished, we are expecting earnings before interest, taxes, depreciation and amortization (EBITDA) of $600 million annually from $20 million [in 2012],” Petron President and Chief Operating Officer Ramon Ang said.