Petron to build 200 mini-stations
Philippine company Petron is spending Php450 million (US$9.42 million) to build 200 small gas stations in one year, and is allotting US$1 billion to upgrade its refinery to produce higher-value products and ensure its market dominance in the long term, officials said. The micro filling stations would cost only around Php2 million (US$41,880) each against up to Php50 million (US$1.05 million) for a regular station. The company would raise up to Php25 billion (US$523.5 million) to finance its expansion program. (May 13, 2009)