Petron approves additional capex

The board of directors of Petron Corp. has approved an additional Php500 million (US$10.76 million) for capital expenditures, according to the president of the Philippines’ largest petroleum refiner and retailer, Eric Recto. Over the next three years, Petron will pursue an aggressive retail network expansion program that will see the construction of some 1,000 micro-filling gas stations nationwide. In related news, Recto said the company has expanded its export market base for fuel additives to five countries, including Cambodia, South Korea, China, Australia and Indonesia. Its fuel additives business is a joint venture with U.K. chemical specialty firm Innospec. (August 22, 2009)