Connect with us

Hi, what are you looking for?

Economy

Petron to suspend Bataan refinery operations from January

MANILA – Petron Corp, the Philippines’ only oil refiner, said on Tuesday it would suspend operations at its 180,000-barrel-per-day Bataan refinery beginning next month to minimise losses from weak refining margins.

The announcement comes four months after the Philippine unit of Royal Dutch Shell decided to transform its 110,000-bpd Tabangao facility in Batangas province into an import terminal, saying the refining business was no longer economically viable.
Several oil refiners around the world have cut output or shutter operations as demand had collapsed due to the COVID-19 pandemic.

The suspension will start by the second half of January, Petron told the Philippine Stock Exchange. It did not disclose any timetable for resuming the refinery operations.

Petron, a unit of conglomerate San Miguel Corp, said the refinery will undergo maintenance during the shutdown, which it said will not have an impact on domestic supply.

“There will be no supply disruption as a result of the shutdown given the healthy inventory of the company and the replenishment by the company of its supply through the importation of finished products,” it said.

Just last month, Petron had said it intended to keep its Philippine refinery running but expressed hopes to get government support via tax relief. – Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

TikTok is expected to ride out the advertising slowdown, as the Chinese-owned social media titan becomes an outlier to the wider industry slowdown. According...

Investing

The average start-up loan has fallen over 138 percent in the past year to just over £142k, from £339k in 2021. Thats according to...

Investing

The government risks “sleepwalking” into a food supply crisis unless it provides crucial support for British farmers struggling with the soaring cost of fuel,...

Investing

Britain’s retailers benefited from a November sales boost fuelled by Black Friday discounts and colder weather as consumers bought winter coats, hot water bottles...

Investing

The biggest sector of the economy remained in a downturn last month as new orders continued to fall owing to the cost of living...

Economy

1 of 2 AFTER all their hard work in topping a difficult group and matching the Croatians for 120 minutes, Japan crumbled in the...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.