Petron buys LPG business of Caltex

Petron Corp., the country’s largest refiner, has acquired the retail liquefied petroleum gas business of Chevron Philippines for an undisclosed amount. Petron Corporate Affairs Manager Virginia Ruivivar said the company controlled 37% of the total LPG market while Chevron accounted for 8%. Randy Johnson, Chevron country chairman for the Philippines and Caltex general manager for retail, said the move was part of the company’s global strategy. (May 10, 2007)