Petron to complete relocation of oil depot in 3 years

Petron Corp. is about 50% done with relocating its oil depot located in the heart of Manila, in accordance with the timetable set by the Supreme Court of five years. Three major oil companies jointly run the oil depot, including Pilipinas Shell Petroleum Corp. and Chevron Philippines Inc. The depot, which is located in a densely populated area, supplies about half of the country’s total fuel demand and 100% of its lubricant requirements. The suit brought before the Philippine Supreme Court cited health, environmental safety and security issues as reasons for its closure. The company said it is looking at five different sites to relocate to, at a cost of US$500 million. Petron Chairman and CEO Ramon Ang said the company will finish relocation in three years’ time. (May 31,2011)