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Your email address will not be published.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

Economy

Finding a property to settle in after years of being in the pandemic may leave home seekers and smart investors wary of whether their...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

As part of its development agenda for Pakil in Laguna, Ahunan Power Inc. (Ahunan) launched a corporate social responsibility (CSR) program dubbed “Tayo Na...

Economy

By Kyle Aristophere T. Atienza and Revin Mikhael D. Ochave, Reporters AN INVESTIGATION is underway over the “illegal” sugar importation order that was aimed...

Economy

By Diego Gabriel C. Robles THE PHILIPPINES now aims to become a high-income economy by 2045 at the latest, Socioeconomic Planning Secretary Arsenio M....

Economy

THE SY SIBLINGS remained the richest in the Philippines, despite a $4-billion drop in their net worth in 2022, according to Forbes Asia. The...

You May Also Like

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...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

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...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

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.