Petron to reacquire 140-MW plant from SMC Powergen

PETRON Corp., the country’s largest oil refining and marketing company, said it is reacquiring a 140-megawatt (MW) solid fuel-fired power plant located at the Petron Refinery in Limay, Bataan from sister company SMC Powergen Inc.

In a disclosure to the Philippine Stock Exchange (PSE) on Thursday, Petron said its executive committee has granted it the authority to negotiate, enter into and conclude with SMC Powergen the relevant definitive agreements for the purchase and acquisition of the said plant “under such terms and conditions as management may deem proper.”