Petron Invest P3.3 in Capital Programs
PSE Circular for Brokers No. 960-98 • Philippine Stock Exchange • Circulars for Brokers • May 7, 1998
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May 7, 1998 PSE CIRCULAR FOR BROKERS NO. 960-98 May 6, 1998 Press Release PETRON INVEST P3 . 3 IN CAPITAL PROGRAMS In its regular quarterly meeting held this morning, the Petron Board of Directors approved management's proposal to fund the company's capital projects in the amount of P3.3 billion. This move signifies Petron's direction to sustain corporate dynamism and market leadership in a competitive, deregulated market. The funded projects cover Petron's reimaging program, new service stations as well as rehabilitation of existing stations and expansion projects at the Bataan refinery. By June 1998, Petron will roll out at least 80 service stations equipped with digital fuel pumps, upgraded facilities and 24-hours convenience store in selected outlets. At the refinery, Petron will put up a mixed xylene plant which will allow the company to recover high value mixed xylene from the reformate stream of the refinery for export and improve refinery efficiency. This will optimally tie up with its continuous catalytic reforming (CCR) project which will enable Petron to produce more environment-friendly gasoline.
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