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PETRON TO SPEND US$94 MLN ON REFINERY UPGRADE IN PHILIPPINES.
MANILA, Jan 1 Asia Pulse - The continued improvement of the country's economy under President Gloria Macapagal-Arroyo has encouraged Petron Corporation, one of the three big players in the oil industry, to earmark P5.11 billion, or US$94.4 million, to upgrade its refinery in Limay, Bataan.
Petron Corporation has begun construction of its isomerization and hydrotreater plants in Bataan that will enable the firm to produce Clean Air Act-compliant fuel.
Petron President Motassim A. Al Ma'ashouq said that Petron has embarked on this upgrading project to show its continued confidence in the country's economy.
The isomerization unit will be used to reduce the aromatics and benzene content of gasoline while the hydrotreater is essential for lowering the sulfur content of diesel.
Al Ma'shoug said that the upgrade will be completed within 2004.
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Source: HighBeam Research, PETRON TO SPEND US$94 MLN ON REFINERY UPGRADE IN PHILIPPINES.