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MANILA, Philippines – Philippines’ largest oil refiner, Petron Corp., registers profit growth of 30 percent as contributed by steady volume of oil production.
A ranking official reported that oil company’s profit growth is equivalent to P8.2 billion, which is a large shift from P6.3 billion in 2015.
By the end of 2016, forecast shows its income will increase to P20 billion.
During the company’s listing of its P20 billion bonds at Philippine Dealing and Exchange Corp., Petron Senior Vice President and Chief Financial Officer, Emmanuel Eraña, made a statement. He said that the company targets 30 percent growth this year. In addition, Eraña will address growing fuel demand by adding 200 new retail branches to its current 2,240 service stations.
Apart from the P20 billion bonds, the oil producer may raise another P20 billion bonds to retail investors, to target the shelf registration. The SVE and CFO added that the listing was oversubscribed two times. At the marketing range’s tight end, the offering was then priced.
Eraña stated that only the next three to four years would show the company’s full potential in profit growth. At present, world crude oil prices are still at low due to oversupply.
The start of 2016 marked its oil refinery upgrade amounting to $2 billion, which is allocated for increased high-value petrochemicals and fuels generation. The company now owns one of Asia’s most advanced oil refineries.
Petron also operates Bataan’s Limay Refinery, which generates 180,000 barrels every day.