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Petron vows to move oil depot; may tap San Miguel for funds.
Byline: Emilia Narni J. David
PETRON CORP. will be spending at least $500 million, possibly by tapping funds from stakeholder San Miguel Corp., to move out of the controversial Pandacan oil depot by as early as 2013, its top executive said on Wednesday.
The oil refiner is already finalizing the location, still in Metro Manila, for the transfer which should translate into cost-savings for the company in the long-term, Petron Chairman and Chief Executive Ramon S. Ang told reporters.
"We're really going to leave. We filed last year with the Supreme Court to say that we are moving out of Pandacan within a promised five-year period," Mr. Ang said at the …
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