Petron Corporation looks to complete its 184-megawatt (MW) power plant inside its 180,000 barrel-per-day refinery in Limay, Bataan by the second half of the year, in line with its refinery efficiency program.
In a Manila Standard report, Petron President and CEO Ramon Ang said that the new power plant “will do away with fuel oil, allowing the conversion of this feedstock into higher-value fuels.”
Phase 3 of the refinery solid fuel-fired boiler project includes additional state-of-the-art circulating fluidized bed boilers, allowing Petron to generate steam and power for the refinery without sourcing power from the Luzon Grid.
The power plant will be able to remove fuel consumption and convert it into products like gasoline and diesel. It would be one of the first power plants in the country to use clean coal technology, reducing carbon emissions by around 95% versus normal coal-fired power plants.
Petron recently offered $500 million worth of senior notes to help fund the new plant, is a 44MW expansion of the refinery’s existing 140MW facility.
The oil giant recorded a net income of Php3.6 billion for the first quarter of this year. Ang, one of the richest Filipinos on Forbes Magazine’s list for 2022, is hopeful that the company will be able to surpass the company’s pre-pandemic outcomes “soon.”
Petron’s Bataan refinery is the country’s remaining facility of its kind.
