Petron raises petrochem investment outlay to US$300 mln

15-Nov-05

In a bid to boost production of petrochemicals, Philippines' largest oil refiner, Petron Corp. has increased its planned investment to $300 million from $250 million. In addition to this hike, the investment would be accelerated to be made over the next three years instead of the earlier defined period of five years. This will ensure long term growth and profitability as petrochemical demand outpaces global GDPover the next decade. Petron is owned 40% each by the Philippine government and Middle East oil giant Saudi Aramco. The additional refinery units will aid in expansion of mixed xylene capacity and extract new petrochemical products such as benzene, toluene and propylene were expected to come onstream at the beginning of 2008.