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Petron closes production unit, assures steady gasoline supply

December 13, 2006

PETRON Corp., the country’s largest oil refiner, on Wednesday said it has shut down its 16,000 barrel-per-day Continuous Catalytic Reformer Unit to perform scheduled repairs.

The unit is used to produce petrochemicals and other oil related products.

The firm said the CCRU will be operational again on December 24. While it is being repaired, it will be replaced by another unit which had earlier been on economic shutdown.

“Petron (is giving) the assurance that it has ample product inventories for the month except for gasoline,” the firm said in a statement to the Philippine Stock Exchange.

In order to avert a possible shortage, Petron said it imported 100,000 barrels of gasoline, which will be arriving Thursday. (Patricia de Leon, GMANews.TV, Dec. 13, 2006)

ALSO IN THE NEWS…

Part of PNOC-EDC proceeds for Petron expansion – sources

THE Philippine National Oil Co. (PNOC) may use part of the proceeds from unit PNOC-Energy Development Corp.’s (PNOC-EDC) initial public offering (IPO) to infuse additional capital into Petron Corp., industry sources said.

Sources said of the P4 billion proceeds of PNOC, it could use up some $30 million or about P1.5 billion for Petron’s call for more capital to expand its refinery operation.

Petron will need $300 million for its refinery expansion. Of this total project cost, 70 percent would be raised through loan and 30 percent through equity.

(For the full story, click GMANews.TV, Dec. 13, 2006.)

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