Petron Corporation
Company type | Public Subsidiary | |
---|---|---|
PSE: PCOR | ||
Industry | Oil and Gas | |
Founded | September 7, 1933Standard Vacuum Oil Company (Philippines)) | (as|
Headquarters |
| |
Area served | Philippines Malaysia[1] | |
Key people | ||
Products | Parent San Miguel Corporation (68.26%)[3] | |
Website | www |
Petron Corporation is the largest
History
In 1953, the
In 1962, Stanvac was dissolved and the marketing and refining interests were divided between the former partners. Esso Philippines, Inc. took over Stanvac's Philippine operations, including FilOil Refinery Corporation. Esso was a trade name used by Standard Oil of New Jersey.
In 1973, the Philippine government, through the
(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 renamed Petron Corporation.As part of the government's privatization program under President Fidel 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 Overseas Co. B.V. signed a share purchase agreement that gave both an equal 40% stake in Petron Corporation.[6] The remaining 20% of Petron shares were sold to the public.
On August 11, 2006, a Petron oil tanker Solar 1, carrying fuel oil sank, causing the Guimaras oil spill, the biggest oil spill in Philippine history.[7][8]
In 2008, Saudi Aramco sold its entire stake to the Ashmore 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.[9] Ashmore's payment was made in December 2008.[10] 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.[11] In 2010, SMC acquired majority control of Petron Corporation.[12]
In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations across Peninsular Malaysia.[13]
On November 9, 2021, SMC CEO Ramon Ang offered to sell Petron back to the government in response to calls for re-nationalization due to rising fuel costs.[14]
Products and services
The company's
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 the
In April 2008, Petron commissioned the country's first petrochemical feedstock units, at its 180,000-barrel (29,000 m3)-per-day Bataan Refinery.
The feedstock unit converts black products (fuel oil) into LPG, gasoline, and diesel. It also purifies propylene to manufacture food packaging, appliances, suitcases, furniture, DVDs and car parts.
Sports teams
- Petron Blaze Spikers
- Petron Blaze Boosters
See also
References
- ^ "Who We Are".
- ^ a b "Petron appoints Danding Cojuangco as chairman". ABS-CBN News.
- ^ "Page 48 -Definitive Information Statement - San Miguel Corp. - May 13 2011" (PDF). Archived from the original (PDF) on 2012-08-13.
- ^ a b Gonzales, Iris. "Petron gets world class certification anew". Philstar.com. Retrieved 2022-04-01.
- ^ Road Trip. Top Gear Philippines. p. 9.
- ^ "Philippine President Rejects Buy-Back of Petron Stocks From Aramco". Tehran Times. 1 September 1999. Retrieved 22 April 2024.
- ^ Sarah Toms (15 August 2006). "Oil spill threatens Philippines". BBC News. Retrieved 15 July 2013.
- INQ7.net. 2006-08-23.
- ^ "Ashmore gets majority of Petron". Philippine Daily Inquirer. 2008-07-23. Retrieved 2010-08-05.
- ^ "Ashmore pays P25.7B for stake in Petron". Philippine Daily Inquirer. 2009-01-05. Retrieved 2010-08-05.
- ^ "San Miguel tightens grip on Petron". Philippine Daily Inquirer. 2008-12-24. Retrieved 2010-08-05.
- ^ "San Miguel acquires majority of Petron". ABS-CBN News. 16 December 2010. Retrieved 8 May 2018.
- ^ "Introducing Petron Corp. of the Philippines, Now in Malaysia" (PDF). Petron Corp. Retrieved 2013-01-23.
- ^ Corrales, Nestor (9 November 2021). "Ang says gov't can buy back Petron 'anytime'". INQUIRER.net. Retrieved 11 November 2021.
- ^ Times, The Manila (2015-10-16). "Petron among PH's top 3 sustainable corporations". The Manila Times. Retrieved 2022-04-01.