Petron to focus on creating new revenue sources

The Philippines’ leading refiner Petron Corp. said it would continue to focus on strategies that would create new revenue streams that will expand further its market base, according to Petron President Eric Recto. The company posted losses during the third quarter, caused by the sharp drop in crude oil prices which resulted in reduced margins for other Asian oil refiners and marketers, and will explore new measures to raise revenue. Petron commissioned the country’s first petrochemical feedstock facilities in April 2009 at its Bataan refinery. Its 180,000 barrel per day oil refinery produces a full range of petroleum products to supply nearly 40% of the country’s total fuel requirements. (November 18, 2008)