Petron plans to raise P10 bln from debt and equity sales in 2009

26-Mar-09

Philippine’s oil refiner Petron Corp., plans to raise a minimum of P10 bln from debt and equity sales this year to upgrade a refinery and build a power plant. The borrowing is expected to commence in Q2, and the amount could increase, but will be dependent on market conditions. Petron plans to build a power plant to supply the refinery, and refit its oil refinery in Bataan to produce more petrochemicals, as the margins for petrochemicals are better than regular petroleum products like gasoline and diesel.