The Department of Energy (DOE) is on close watch regarding Petron Corporation’s plan to close its refinery in Limay, Bataan.
While the DOE has yet to receive any formal notice from the oil giant, Energy Sec. Alfonso Cusi said that his department is looking into the taxation concerns it raised in coordination with the Department of Finance.
Petron President and CEO Ramon Ang, in his latest pronouncement, said that the company will shut down the country’s first and only refinery “very soon” over taxation issues, including the controversial Tax Reform for Acceleration and Inclusion (TRAIN) law.
“We are also evaluating how a closure scenario would impact pricing, as well as the country’s energy security. We affirm to be always with our stakeholders in finding solutions to whatever hurdles the industry is facing,” Cusi said.
“But whatever business measures Petron will arrive at in the course of its discussion with the concerned parties, we at the DOE will respect the management’s decision,” he added.
Senate energy committee chairman Sherwin Gatchalian had also asked Petron to reconsider its planned closure over the job security of its workers.