Petron to build Subic blending hub

Petron Corp. disclosed plans to construct a fuel additives blending plant at the Subic Bay Free Port in the Philippines that will serve as the production hub for fuel additives in Asia. In a statement, the oil refiner said it has signed two new agreements with Innospec Inc., a specialty chemicals company based in the U.K., that call for the construction and operation by the end of 2007 of a US$2.5-million blending plant in Subic. The blending plant will serve as Innospec’s supply hub in the Asia-Pacific region, as it positions itself to tap the fast growing regional market and bring its products and services closer to Asian customers. The 10-year contract guarantees that Petron will be Innospecs exclusive toll blender in the region. The other agreement between the two companies is for technology services and marketing of fuel additives, wherein Petron will be providing technology support services to Innospec and its customers in the region, including customer technical programs, laboratory services, product development, field tests and consultancy services. (January 5, 2007)