Petron to build 300 service stations this year

In a bid to strengthen its foothold in the Philippine market, oil refiner and retailer Petron Corp. is targetting to put up 300 service stations this year, allocating roughly Php1 billion (US$21.74 million) for its aggressive retail network expansion plan. Ramon S. Ang, Petron chairman and chief executive officer, said the expansion was in line with the company’s goal to put up a total of 500 service stations within two years—a feat that is “never heard of in this industry.” By the end of the first quarter this year, Petron reported that it has more than 1,500 service stations, allowing it to corner a 38% market share. Ang said the company’s goal is to have a total of 5,000 retail service stations nationwide. (July 19, 2010)