Petron to issue preferred shares to raise cap to P15 bln

Philippine’s largest oil refiner and retailer Petron Corp. plans to raise an estimated P15 billion by issuing preferred shares in Q3-09 to fund planned expansion projects for the year, particularly Petron’s petrochemical operations and for a retail network expansion program and further improvement at its 180,000 bpd Bataan refinery. The amount to be raised would be infused into the company as equity. Another project is the construction of additional refinery units, including a second Petro Fluidized Catalytic Cracking Unit (PetroFCC 2) that will enable the full conversion of residual products to more valuable gasoline, diesel, LPG and propylene.
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