March 07, 2013

Petron plans to raise more funds via securities issuance; Capex P52 B

Petron Corp., the country's largest oil refiner and distributor is set to issue dollar-denominated securities to raise additional funds on top of the $500 million it raised in February this year.

Petron chairman Ramon S. Ang said the proceeds from the issuance would be used for the company's expansion program but did not specify the amount to be raised.

Fri this year, Petron has earnmarked P51.9 billion for its combined capital expenditures. Of the planned capital spending, 72%, or P37.37 billion would be allocated for the implementation of the Refinery Master Plan 2 (RMP-2), which is aimed at upgrading the oil firm's 180,000-barrel-per-day- refinery in Limay, Bataan.

Another 13%, or P6.75 billion will be used for the company's cogeneration power plant project, which will generate 140 megawatts by 2013.