Petron Corporation

Petron Corp. (PSE: PCOR) is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country’s oil requirements.

Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels per day (29,000 m³/d). From the refinery, Petron moves their products mainly by sea to 32 depots and terminals in the country. They operate a lube oil blending plant at their Pandacan Terminal, where it manufactures lubes and greases.

Petron is public company listed on the Philippine Stock Exchange. A 51-percent stake is owned by the Philippine food and beverage giant San Miguel Corporation (SMC) while the Ashmore Group owns 40 percent. The remaining shares—about 9 percent—are held by the public.

History

Petron's history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and Standard Oil of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early 1960s split the marketing and refining interests of the company between Mobil (the renamed Socony Vacuum Oil Company) and Esso (the renamed of Standard Oil New Jersey, soon to be Exxon), with its Philippine branch now named Esso Philippines, with offices in Manila and later on in Makati.