Petron Corp. is looking for partners the development of its new oil refinery estimated to cost $10 billion.
The oil company wants to construct a new oil refinery in order to address the growing demand for energy in the country, Petron president and CEO Ramon Ang said.
Ang said the new refinery is expected to have a capacity of 250, 000 barrels per day, double the current capacity of its Bataan refinery, which produces 180, 000 barrels daily.
“For Petron, what we plan is to put up a new oil refinery at 250 million barrels a day somewhere in the south, maybe in Bicol, to supply Luzon, Visayas and Mindanao,” Ang said.
The company is also considering Cebu as another location due to its big market.
“I hope to be able to invite one of the big boys—Aramco, Kuwait Petroleum- to come in and to put up a new oil refinery. One I can invite also is Formosa Oil Refinery, which is one of the biggest in the region and is 10 times bigger than Petron,” Ang said.
Forbes named Aramco as the biggest energy company in the world. The company is a Saudi Arabian petroleum and natural gas company. Kuwait Petroleum Corp. is Kuwait’s’ national oil company.
Formosa chairman William Wong will visit the country for investment opportunities.
“I went to visit them a couple of months ago and we are in talks to look for more business together,” Ang said.
“It will take four years to finish. By then, the demand is already very big. And to put up an oil refinery of 250M barrels a day, it will cost you $10 billion,” he added.