Philippines: Petron Corp to Present at PetrolWorld Forum

Petron Corp, who are participating in the forthcoming PetrolWorld APAC Business Forum being held in Cebu between 9th & 12th March 2010, will make a presentation at the seminar programme.
 

Petron Corp is investing in its retail & downstream operations in the Philippines. Petron Corporation said it plans to raise Php5 billion ($US108 million) by issuing 50 million perpetual preferred shares. The Petron perpetual preferred shares, with a par value of Php1.00 per share and a price of P100.00 per share, are cumulative, non-voting, non-participating, non-convertible and peso-denominated. The company will offer the shares between Feb. 15 - Feb. 26, 2010 and it will be listed on the Philippine Stock Exchange on March 5, 2010. The company said the funds will be mainly used for its retail network expansion program and a refinery upgrade aimed at improving efficiency and reliability.

Petron chairman and chief executive officer Ramon S. Ang said  from January 2009 to January 2010, the company had opened 200 new Petron service stations across the country, bringing its total service station count to 1,463, the largest retail network in the industry.

Of the 200 Petron service stations opened in the  last year, 84 are located in Luzon, 48 in Visayas and 68 in Mindanao. "We have programmed the construction of more service stations over the next few years to strengthen our core business and bring Petron closer to Filipino consumers," Ang added.

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