In a disclosure made to the Philippine Stock Exchange (PSE), publicly-listed and the largest oil player in the country, Petron Corporation has just confirmed that it will shutdown its Bataan refinery plant by January 2021.
Citing an uneven playing field between oil importers and refiners, Petron President Ramon S. Ang confirmed they will close its 180,000-barrel-per-day refinery. The refinery, located in Limay, Bataan is scheduled to be shutdown by the second half of January 2021.
Ang though clarified that the shutdown isn’t permanent, and that Petron is open to resuming commercial operations if and when the economy improves. In fact, during the shutdown, they will continue to conduct maintenance activities on key processing units.
Petron is the last remaining oil refiner in the Philippines. The Bataan refinery plant has been in operation for the past 60 years. Earlier this year, Pilipinas Shell transformed its refinery plant into a importation hub for its fuel.
Despite the impending shutdown, Petron says customers will not experience any supply disruption given their “healthy inventory” as well as the replenishment of supply through the importation of finished products.
Source: Car Guides PH
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