Petron Corporation has assured the public that the supply of its petroleum products will remain stable amid the closure of its refinery in Limay, Bataan in the second week of January 2021.
“There will be no supply disruption as a result of the shutdown given the healthy inventory of the Company and the replenishment by the Company of its supply through the importation of finished products,” Petron said in a disclosure to the Philippine Stock Exchange on Monday.
The Philippines’ largest oil firm also clarified that it “will suspend operations” of the country’s only remaining refinery “to minimize losses in view of weak refining margins.”
Petron President and CEO Ramon Ang warned as early as October that the company would be forced to halt the refinery’s operations “very soon” with its issues over the taxation of its crude and raw materials.