Philippines: Petron to Expand With M&A in 2010
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Thursday, 24 December 2009 |
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Petron will pursue mergers and acquisitions (M&A) in 2010 that will complement its core business.
In a filing with the Securities and Exchange Commission,
Petron Corp. said it will pursue growth and expansion through changes
in internal business processes, adapting to the shifting needs of the
market and tapping into new markets and opportunities. With its
partnership with San Miguel Corp. (SMC), Petron said it would maximize
the synergies with the food and beverage conglomerate’s network,
products and services to enhance of the refiner’s retail and
distribution network.
The petrol retailer said it also plans to build aviation facilities in
tourist destinations like Boracay, Bohol and Palawan, and gain a
substantial market share in the liquefied petroleum gas (LPG) market.
“This will be supported by more outlets and refilling plants that will
bring the product closer to the market,” Petron said. The company
also said it would build more auto-LPG facilities in service stations
and fleet accounts.
Petron is the market leader in the domestic oil industry with an
overall market share of 36.4 percent as of July 2008. It also has the
biggest refining capacity, an extensive distribution network and the
largest number of service stations.
The PetorlWorld APAC Business Forum will be held in the Philippines for the first time in Cebu from 9th to 11th March 2010
PetrolWorld 241209
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