 Logo since 1998 | |
| Company type | PublicSubsidiary |
|---|---|
| PSE: PCOR | |
| Industry | Oil andGas |
| Founded | September 7, 1933; 92 years ago (1933-09-07)(asStandard Vacuum Oil Company (Philippines)) |
| Headquarters |
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Area served | Philippines Malaysia[1] |
Key people |
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| Products | Oil Natural gas Oil refining |
| Revenue |  287.08billionPHP (2020) |
| -16.21billionPHP (2020) | |
| -11.41billionPHP (2020) | |
| Total assets | 349.73billionPHP (2020) |
| Total equity | 86.2billionPHP (2020) |
Number of employees | 9,236 nationwide (2019) |
| Parent | San Miguel Corporation(68.26%)[3] |
| Website | www |
Petron Corporation is one of the largest oil companies in thePhilippines,[4] supplying more than a third of the country's oil requirements. It operates a refinery inLimay,Bataan with a rated capacity of 180,000 barrels per day (29,000 m3/d). From the refinery, Petron moves its products mainly by sea to 32 depots and terminals throughout the country.It is the sole oil refiner in the country afterPilipinas Shell exited the refining business.
Petron's history dates back to September 7, 1933, whenSocony-Vacuum Oil Company (Standard Oil of New York) andStandard Oil of New Jersey (also known as Jersey Standard) merged their interests in theFar East into a 50–50 joint venture named theStandard Vacuum Oil Company (Stanvac). It operated in 50 countries, including the Philippines,New Zealand,China, and the region ofEast Africa.
In 1953, thePhilippine national government, partly to promoteClaro M. Recto's nationalindustrialization program and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with affordable petroleum products.[citation needed] In 1957, Stanvac won the concession to build and operate a refinery in Bataan.[5][6] For this purpose, FilOil Refinery Corporation was established in 1959.
In 1962, due to anantitrust suit, Stanvac was dissolved and the marketing and refining interests were divided between the former partners.[7]Eastern Standard Esso took over Stanvac's Philippine operations, including FilOil Refinery Corporation.[7]Esso was a trade name used by Standard Oil of New Jersey.
In 1973, the Philippine government, through thePhilippine National Oil Company (PNOC), acquired Esso Philippines, Inc., including FilOil Refinery Corporation. Esso Philippines, Inc. was renamedPetrophil Corporation (Petrophil) and by 1974, Essofilling stations were rebranded as "Petron", aportmanteau of petroleum (PET) and research octane number (RON).[8] Subsequently,Mobil (successor of Socony-Vacuum Oil Company) also sold its share in FilOil Refinery Corporation to PNOC. The oil refining and marketing units in PNOC, including FilOil Refinery Corporation, were merged into Petrophil Corporation. In 1988, Petrophil Corporation was renamedPetron Corporation.
As part of the government's privatization program under PresidentFidel V. Ramos, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer,Saudi Aramco. On February 3, 1994, PNOC and Aramco OverseasCo.B.V. signed a share purchase agreement that gave both an equal 40% stake in Petron Corporation.[9] The remaining 20% of Petron shares were sold to the public.
On August 11, 2006, a Petronoil tankerSolar 1, carryingfuel oil sank, causing theGuimaras oil spill, the biggestoil spill in Philippine history.[10][11]
In 2008, Saudi Aramco sold its entire stake to theAshmore Group, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57 percent of Petron's stock.[12] Ashmore's payment was made in December 2008.[13] In December 2008, Ashmore acquired PNOC's 40% stake. In the same month,San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1 percent of Petron.[14] In 2010, SMC acquired majority control of Petron Corporation.[15]
In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations acrossPeninsular Malaysia.[16]
On November 9, 2021, SMC CEORamon Ang offered to sell Petron back to the government in response to calls for re-nationalization due to rising fuel costs.[17]
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The company'sISO-14001-certified[4] refinery processescrude oil into a full range of petroleum products, includingLPG, gasoline, diesel,jet fuel,kerosene, industrial fuel oil,solvents,asphalts and mixedxylene.[18] Petron'slube oil blending plant produces mechanical lubricants and grease. These products are also sold through service stations and sales centers, and directly to industrial customers with the largest client being the power sector. Petron also supplies jet fuels to international and domestic carriers.
Through more than 1,200 service stations, they retail gasoline, diesel and kerosene to motorists and public transport operators. They also sell their LPG brand Gasul to households and other consumers through an extensive dealership network.
Petron opened its first fuel additives blending plant in the Asia-Pacific region at theSubic Bay Freeport Zone in November 2008. The plant has the capacity to blend 12,000 metric tons (MT) of fuel additives per year. In 2006, the facility was constructed in partnership withInnospec. As part of the agreement.
In April 2008, Petron commissioned the country's firstpetrochemical feedstock units, at its 180,000-barrel (29,000 m3)-per-dayBataan Refinery.
The feedstock unit converts black products (fuel oil) into LPG, gasoline, and diesel. It also purifies propylene to manufacturefood packaging, appliances, suitcases, furniture, DVDs and car parts.
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