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MANILA, Philippines – Oil giant Petron Corporation said Monday, November 4 it recorded an eightfold increase in earnings in the first 9 months on higher sales volumes and better margins.
In a statement, Petron said its Philippine and Malaysian operations posted a consolidated net income of P4.4 billion in January to September, versus only P559 million in the same period of 2012.
Total sales volumes rose by 7.1 million barrels to 60.2 million in the period from 53.2 million last year.
The company said refinery margins improved significantly as the price difference between crude and finished products widened.
“We are nearing the completion of major projects that will further boost Petron’s competitive advantage and performance,” Petron chairman and CEO Ramon Ang said. “We remain bullish about our prospects and look forward to delivering stronger results.”
Petron is undertaking phase 2 of its $2-billion refinery upgrade in Bataan. The company said the project will improve margins by converting low-value fuel oil into high-value gasoline, diesel and petrochemical products. The project will be completed in the 2nd half of 2014.
In Malaysia, Petron’s conversion program is in full swing, with nearly half of the 560 service stations rebranded to Petron.
The company is shelling out $2 billion in the next 10 years to expand its Malaysian operations. – Rappler.com
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