Petron Corporation is one of the leading oil refineries of Philippines. The company has decided to start building new refinery in 2018 in collaboration with two foreign firms with an investment of $20 billion in Malaysia. This is the biggest investment in the Philippine history so far. Have you seen a plant that is worth that much?" said Ramon Ang, president and chief executive officer. "
Right now, we have a target location and we are in the process of acquiring or doing a lease or a joint venture agreement with the land owners. A new oil refinery project with this size requires at least 2,000 hectares and a deep sea port. He said Petron plans to spend at least $1.5 billion (P74.57 billion) to expand the capacity of its oil refinery in Malaysia to 150,000 barrels a day from 88,000 barrels a day. Petron also plans to spend about $500 million (P24.86 billion) to upgrade its refinery in Bataan.
