Petron Corporation

Petron Corporation is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country’s oil requirements. The world-class products and quality services fuel the lives of millions of Filipinos.

Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels a day.

From the refinery, Petron moves their products mainly by sea to 32 depots and terminals in the country. They operate a state-of-the-art lube oil blending plant at their Pandacan Terminal, where it manufactures lubes and greases. Petron is publicly-listed. The Philippine National Oil Company and the Aramco Overseas Company B.V. each owns a 40% share of equity. The remaining 20% is held by close to 190,000 individual stockholders.

History

Petron's history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early '60s split the marketing and refining interests of the company between Esso and Mobil.

in 1953, the government, in an attempt for national industrialization from Claro M. Recto, had an attempt for a national oil company that caters Filipino drivers with cheap oil, in response to the rising oil prices of the foreign oil companies in the Philippines. Thus, FilOil, the first Philippine oil company was established.

In 1973, Esso sold its business to the government which became the Philippine National Oil Company or PNOC. Subsequently, Mobil also sold its share of the refinery to PNOC.

The oil refining and marketing units in PNOC, along with FilOil, were eventually merged to form Petrophil, which was later renamed as Petron. Today the company's industrial earnings have never seen such high gains but still trade within the average global yield. Presently CEO Ross Arroyo leads the 18th ranked Philippine Oil Co. within the Eastern Hemisphere.

As part of the government's privatization program, 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 Overseas Company BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public.

On August 11, 2006, Petron responded to the biggest oil spill in the Philippines as a tanker (Solar 1) carrying fuel oil sank in southern Guimaras. The company took the moral and social responsibility and immediately spearheaded a massive clean-up and relief operation. Less than three months later, the shores of Guimaras were declared clean. At present, Petron has built a school and a Library Hub on the island and has rolled out several livelihood (seaweed farming, mariculture farming etc.) programs on the island.

Products and Services

The company's ISO-14001-certified refinery processes crude oil into a full range of petroleum products including LPG, gasoline, diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts, and mixed xylene.

With their lube oil blending plant, they are also able to produce mechanical lubricants and grease. These are also sold through service stations and sales centers.

Through their nationwide network, they supply fuel oil, diesel, and LPG to various industrial customers. Petron's largest client is in the power sector.

They also supply jet fuel at key airports 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 is expanding non-fuels businesses which include convenience store brand “Treats.” They have partnered with major fast-food chains, coffee shops, and other consumer services to give customers a one-stop full service experience. They are also putting up additional company-owned and operated service stations in strategic locations.

Headquarters

Located at the heart of Buendia Avenue in Makati City, the company's headquarters, the Petron Megaplaza, is a 45-storey building with floor plate area of about 15,512 square meters, which was the Philippines' tallest building before being topped by the PBCom Tower in Ayala Avenue.

External links

* [http://www1.petron.com/about-evolution.asp Petron]
* [http://www.pacificgroup.com/asia/properties/PetronMegaplaza.html Petron Mega Plaza details]