Wednesday 18 September
Jan 14, 2017 @ 1:56

RSA eyes deal with Saudi Aramco, Kuwait Petroleum or Formosa Plastics


Petron Corp. is hoping to partner with Saudi Aramco and Kuwait Petroleum Corp. for its planned new oil refinery that is estimated to cost around $10 billion.

Company president and CEO Ramon Ang said they were seeking partners for a new refinery, which could rise somewhere in Bicol or Cebu.

?I hope to invite one of the big boys like Saudi Aramco or Kuwait Petroleum to come and put up a new oil refinery,? Ang said.

With an expected capacity of 250,000 barrels per day, the facility is expected to help fill the growing demand for finished petroleum products.

The initial production capacity is almost double Petron?s upgraded refinery in Bataan.

The company is looking for land in Bicol but it is also considering Cebu as another location for the refinery that can process crude oil into gasoline, jet fuel, industrial fuel, diesel, kerosene and liquefied petroleum gas and lubricants.

Ang said the group was also considering teaming up with Taiwanese conglomerate Formosa Plastics Group.

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