Philippine oil company petron plans an expansion of its Bataan refinery until 2014. With this project, the company aims to produce more complex oil products of higher standards for the Philippine's market.
Manila/The Philippines – Petron, the Philippine's largest oil refiner, recently unveiled its Refinery Expansion Project (RMP-2). Until 2014, Petron aims to expand the capacity of its Bataan Refinery to process a wider range of crudes, while being able to produce new products for domestic and foreign markets.
"The decision to undertake this massive project was borne out of the vision to make Petron Bataan Refinery among the best in Asia," Petron Chairman and CEO Ramon S. Ang said. Part of Petron's expansion strategy is also the processing of remaining black stream residues into high-margin white products and petrochemicals. There, Petron states, the company can avoid penalties from producing low-value fuel oil. These efforst could help to increase current propylene production by nearly 200%, Petron says. It will enable Petron to produce fuels that meet the Euro 5 standard for clean fuelsfor the Philippine market.
Petron will partner with leading global technology and engineering companies focused on refining and petrochemical production namely Axens, UOP, CBI Lummus, Foster Wheeler, and Daelim. "The RMP-2 project supports Petron’s strategic initiatives namely our retail network expansion program, the integration of our petrochemicals business, and increasing our presence in the export market. These are aimed at ensuring its growth momentum over the long-term." Mr. Ang added.