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Philippines' biggest oil refiner raises $120M for plant upgrade
Publication Date : 27-03-2014
The Philippines' largest oil refiner and distributor Petron Corp. has raised $120 million from the capital market to complete its oil refinery upgrade program in Bataan,a province in Central Luzon.
The funds were raised through the sale of shares through a private placement.
When asked what the $120-million fund-raising was for, SMC president and Petron chair Ramon Ang said in a text message early Thursday that the proceeds would be for Petron’s “plant expansion,” citing the refinery upgrading program.
Other industry sources said the deal was upsized from a base offer of $100 million.
In 2011, Petron unveiled a plan to spend $1.8 billion to upgrade its 180,000-barrel-a-day oil refinery in Bataan. The program seeks to ensure stable supply for the country.