9:41 PM
MIS Capitol Bataan
PETRON CORP. announced on Wednesday it will expand its Bataan refinery to increase gasoline production.
The expansion is slated for completion by 2014.
It will allow Petron to process crude oil from sources including Africa and will increase the company's production of gasoline and diesel.
"The decision to undertake this massive project was borne out of the vision to make Petron Bataan refinery among the best in Asia," said Petron Chairman and Chief Executive Ramon S. Ang.
He added national oil security will also increase since the company is looking at sourcing crude outside the traditional source of the Middle East.
The expansion will cost around $1.8 billion. --Emilia Narni J. David
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