^{Photo credit: Forbes}

San Miguel Corporation (SMC) Chairman and CEO Ramon S. Ang has renewed his proposal to sell Petron Corporation back to the Philippine government, reviving a long-standing offer as policymakers revisit the strategic role of the country’s only oil refinery amid an evolving energy security backdrop.

The renewed pitch comes as the Philippines navigates what President Ferdinand R. Marcos Jr. has declared a state of national energy emergency, with renewed legislative interest in potentially returning key fuel infrastructure to state control.

 “I first made this offer to Congress in 2021, and it remains open. If the government believes that Petron under its ownership will better serve the Filipino people especially in times like these, we are ready to sit down and make it happen,” Ang said in an official statement released today.

He added that any potential transaction could be structured in tranches and priced at fair market valuation, designed to ease fiscal pressure on the government rather than require a single large upfront payment.

Citing past investments and losses incurred to sustain refinery operations, Ang underscored Petron’s operational and financial role under private stewardship,

“We have never treated Petron as simply a profit center. We lost over PHP 11 billion in 2020. We invested USD 2 billion to upgrade the Bataan refinery and kept it running even when it would have been easier to just import finished fuel, the way other oil companies chose to do. We did that because the country needs its own refining capacity. That has always been our reason,” he said.

The Petron Bataan refinery, with a capacity of 180,000 barrels per day, supplies roughly one-third of national fuel demand, a scale that underscores its continued relevance in discussions on domestic energy security, particularly amid global supply disruptions and elevated fuel prices, including tensions affecting key shipping routes such as the Strait of Hormuz.

“This is not about who owns Petron. This is about what is best for the country,” Ang added.

With fuel security and refinery capacity back in focus, should the government consider re-acquiring strategic energy assets like Petron—or are private-sector operations better positioned to secure long-term supply stability for the Philippines?

Follow Power Philippines on Facebook and LinkedIn or join our Viber community for more updates.