Petron expanding oil refineries in Malaysia, Philippines

Petron Malaysia's share price has rebounded in recent days

KUALA LUMPUR: Philippines's Petron Corp. is expanding its oil refineries in Malaysia and the Philippines to increase efficiency levels and production, a news report said.

“Expansion of oil refinery in Malaysia is a big investment… The refinery will be expanded to produce petrochemicals and aromatics from 80,000 to 150,000 barrels a day,” Petron president and chief operating officer Ramon Ang was quoted saying by the Manila Standard.

Recall that Petron acquired Esso Malaysia’s Port Dickson refinery and fuel retail network in Malaysia in 2011.

“Here [in the Philippines], we will also expand from 180,000 [barrels per day] to 270,000 [barrels per day],” Ang said.

Petron owns an oil refinery in Bataan province with a capacity of 180,000 barrels a day.

The company started full commercial operations of the US$2-billion upgraded refinery in 2016, enabling the company to produce more high-margin fuels and petrochemicals.