Petron sets fresh loan, puts up Singapore unit

The Philippines’ biggest oil refiner and retailer Petron Corp. said its board cleared the terms of its five-year US$350 million loan facility. The company, however, did not say how the proceeds of the loan would be used. Aside from the approval of the terms of the loan facility, Petron said that its board also approved the creation of a trading subsidiary in Singapore. (May 1, 2010)