Philippines’ largest oil refiner and retailer- Petron Corp.’s Q1-2011 income almost doubled from Q1-2010, due to stronger revenue from its petrochemical business. Q1 income stood at P3.4 bln.
Rises in crude prices propped up prices of petrochemical products such benzene, toluene, and xylene, while supply tightness in propylene enabled the company to capture incremental margins from its production streams.
In February, Petron commissioned its polypropylene plant in Mariveles, Bataan. The plant has an initial capacity of 160,000 tpa of polypropylene. Acquired in mid-2010, the plant was rehabilitated and is now on stream.