Petron awards contract to Daelim

The board of Petron Corp. of the Philippines has agreed in principle to award Daelim Industrial a contract for the construction of an aromatics tank terminal and jetty at Bataan, a company source said. South Korea’s Daelim won a separate US$300 million contract for the construction of Petron’s aromatics complex, fluid catalytic cracker and propylene plant at Bataan. Petron has an existing mixed xylene plant with a nameplate capacity of about 149,000 metric tons per year. Its major shareholders are Philippine National Oil Co. and Saudi Arabian Oil Company (Aramco). The company’s principal businesses comprise the refining of crude oil and domestic marketing and distribution of refined petroleum products. (September 5, 2007)