Petron Corporation
From Wikipedia, the free encyclopedia
Petron Corporation is the largest oil refining and marketing company in the Philippines. Supplying more than a third of the country’s oil requirements. The world-class products and quality services fuel the lives of millions of Filipinos.
Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels a day. Our ISO-14001-certified refinery processes crude oil into a full range of petroleum products including LPG, gasoline, diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts, and mixed xylene.
From the refinery, Petron move their products mainly by sea to our 32 depots and terminals situated all over the country. Through this nationwide network, they supply fuel oil, diesel, and LPG to various industrial customers. The power sector is our largest customer.
They also supply jet fuel at key airports to international and domestic carriers.
Through more than 1,200 service stations, they retail gasoline, diesel and kerosene to motorists and public transport operators. They also sell our LPG brand Gasul to households and other consumers through an extensive dealership network.
They operate a state-of-the-art lube oil blending plant at our Pandacan Terminal, where it manufactures lubes and greases. These are also sold through service stations and sales centers.
Petron is expanding our non-fuels businesses which include our convenience store brand “Treats.” They have partnered with major fast-food chains, coffee shops, and other consumer services to give our customers a one-stop full service experience. They are also putting up additional company-owned and operated service stations in strategic locations.
Petron is publicly-listed. The Philippine National Oil Company and the Aramco Overseas Company B.V. each owns a 40% share of equity. The remaining 20% is held by close to 190,000 individual stockholders.
[edit] History
Petron's history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early '60s split the marketing and refining interests of the company between Esso and Mobil.
In 1973, Esso sold its business to the government which became the Philippine National Oil Company or PNOC. Subsequently, Mobil also sold its share of the refinery to PNOC.
The oil refining and marketing units in PNOC were eventually merged to form Petrophil, which was later renamed as Petron.
As part of the government's privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer, Saudi Aramco.
On February 3, 1994, PNOC and Aramco Overseas Company BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public.
On August 11, 2006, Petron became sadly famous, because one of its oil tankers sank. The biggest oil spill of the Philippines followed (Guimaras oil spill or Petron oil spill).
