FilOil Refinery Corporation
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Petron Corporation is the largest
oil refining An oil refinery or petroleum refinery is an industrial processes, industrial process Factory, plant where petroleum (crude oil) is transformed and refining, refined into products such as gasoline (petrol), diesel fuel, Bitumen, asphalt base, ...
and marketing company in the
Philippines The Philippines, officially the Republic of the Philippines, is an Archipelagic state, archipelagic country in Southeast Asia. Located in the western Pacific Ocean, it consists of List of islands of the Philippines, 7,641 islands, with a tot ...
, supplying more than a third of the country's oil requirements. It operates a refinery in
Limay Limay, officially the Municipality of Limay (), is a municipality in the province of Bataan, Philippines. According to the 2020 census, it has a population of 78,272 people. History Dominican and Franciscan friars settled Limay by the late 1 ...
,
Bataan Bataan (, , , ; ) , officially the Province of Bataan, is a province in the Central Luzon region of the Philippines. Its capital is the city of Balanga while Mariveles is the largest town in the province. Occupying the entire Bataan Peninsula ...
with a rated capacity of . From the refinery, Petron moves its products mainly by sea to 32 depots and terminals throughout the country.


History

Petron's history dates back to September 7, 1933, when
Socony-Vacuum Oil Company ExxonMobil, an American multinational Petroleum industry, oil and gas corporation presently based out of Texas, has had one of the longest histories of any company in its industry. A Successors of Standard Oil, direct descendant of John D. Rockef ...
(Standard Oil of New York) and
Standard Oil of New Jersey Exxon Mobil Corporation ( ) is an American multinational oil and gas corporation headquartered in Spring, Texas, a suburb of Houston. Founded as the largest direct successor of John D. Rockefeller's Standard Oil, the modern company was formed ...
(also known as Jersey Standard) merged their interests in the
Far East The Far East is the geographical region that encompasses the easternmost portion of the Asian continent, including North Asia, North, East Asia, East and Southeast Asia. South Asia is sometimes also included in the definition of the term. In mod ...
into a 50–50 joint venture named the
Standard Vacuum Oil Company The Standard Vacuum Oil Company was an American joint venture by Standard Oil of New Jersey and Socony-Vacuum Oil (aka Mobil) established in 1931 to make and market products in the Far East.Drucker, Peters F. Management, p. 724. Around World War I ...
(Stanvac). It operated in 50 countries, including the Philippines,
New Zealand New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of isla ...
,
China China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
, and the region of
East Africa East Africa, also known as Eastern Africa or the East of Africa, is a region at the eastern edge of the Africa, African continent, distinguished by its unique geographical, historical, and cultural landscape. Defined in varying scopes, the regi ...
. In 1953, the
Philippine national government The government of the Philippines () has three interdependent branches: the legislative, executive, and judicial branches. The Philippines is governed as a unitary state under a presidential representative and democratic constitutional repub ...
, partly to promote Claro M. Recto's national
industrialization Industrialisation (British English, UK) American and British English spelling differences, or industrialization (American English, US) is the period of social and economic change that transforms a human group from an agrarian society into an i ...
program and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with affordable petroleum products. In 1957, Stanvac won the concession to build and operate a refinery in Bataan. For this purpose, FilOil Refinery Corporation was established in 1959. In 1962, due to an
antitrust Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust l ...
suit, Stanvac was dissolved and the marketing and refining interests were divided between the former partners. Eastern Standard Esso took over Stanvac's Philippine operations, including FilOil Refinery Corporation.
Esso Esso () is a trading name for ExxonMobil. Originally, the name was primarily used by its predecessor Standard Oil of New Jersey after the breakup of the original Standard Oil company in 1911. The company adopted the name "Esso" (from the phon ...
was a trade name used by Standard Oil of New Jersey. In 1973, the Philippine government, through the
Philippine National Oil Company The Philippine National Oil Company (PNOC) is an energy company created on November 9, 1973, as a government-owned and controlled corporation founded during President Ferdinand Marcos' era to supply oil to the Philippines. Since then, its cha ...
(PNOC), acquired Esso Philippines, Inc., including FilOil Refinery Corporation. Esso Philippines, Inc. was renamed Petrophil Corporation (Petrophil) and by 1974, Esso
filling station A filling station (also known as a gas station [] or petrol station []) is a facility that sells fuel and engine lubricants for motor vehicles. The most common fuels sold are gasoline (or petrol) and diesel fuel. Fuel dispensers are used to ...
s were rebranded as "Petron", a
portmanteau In linguistics, a blend—also known as a blend word, lexical blend, or portmanteau—is a word formed by combining the meanings, and parts of the sounds, of two or more words together.
of petroleum (PET) and research octane number (RON). Subsequently,
Mobil Mobil Oil Corporation, now known as just Mobil, is a petroleum brand owned and operated by American oil and gas corporation ExxonMobil, formerly known as Exxon, which took its current name after history of ExxonMobil#merger, it and Mobil merge ...
(successor of Socony-Vacuum Oil Company) also sold its share in FilOil Refinery Corporation to PNOC. The oil refining and marketing units in PNOC, including FilOil Refinery Corporation, were merged into Petrophil Corporation. In 1988, Petrophil Corporation was renamed Petron Corporation. As part of the government's privatization program under President
Fidel V. Ramos Fidel Valdez Ramos (; March 18, 1928 – July 31, 2022), popularly known as FVR, was a Filipino general and politician who served as the 12th president of the Philippines from 1992 to 1998. He was the only career military officer to reached ...
, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer,
Saudi Aramco Saudi Aramco ( ') or Aramco (formerly Arabian-American Oil Company), officially the Saudi Arabian Oil Company, is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. , it is the fourth- l ...
. On February 3, 1994, PNOC and Aramco Overseas Co. B.V. signed a share purchase agreement that gave both an equal 40% stake in Petron Corporation. The remaining 20% of Petron shares were sold to the public. On August 11, 2006, a Petron
oil tanker An oil tanker, also known as a petroleum tanker, is a ship designed for the bulk cargo, bulk transport of petroleum, oil or its products. There are two basic types of oil tankers: crude tankers and product tankers. Crude tankers move large quant ...
''Solar 1'', carrying
fuel oil Fuel oil is any of various fractions obtained from the distillation of petroleum (crude oil). Such oils include distillates (the lighter fractions) and residues (the heavier fractions). Fuel oils include heavy fuel oil (bunker fuel), marine f ...
sank, causing the
Guimaras oil spill On August 11, 2006, an oil spill occurred in Panay Gulf when the oil tanker, MT ''Solar 1'', sank off the coasts of Guimaras and Negros in the Philippines, causing what is considered to be the worst oil spill in the country's history. Background ...
, the biggest
oil spill An oil spill is the release of a liquid petroleum hydrocarbon into the environment, especially the marine ecosystem, due to human activity, and is a form of pollution. The term is usually given to marine oil spills, where oil is released into th ...
in Philippine history. In 2008, Saudi Aramco sold its entire stake to the
Ashmore Group Ashmore Group plc is a large British investment manager dedicated to the emerging markets. Headquartered in London, it is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. History The business, which was establish ...
, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57 percent of Petron's stock. Ashmore's payment was made in December 2008. In December 2008, Ashmore acquired PNOC's 40% stake. In the same month,
San Miguel Corporation San Miguel Corporation (), abbreviated as SMC, is a Philippine multinational conglomerate with headquarters in Mandaluyong, Metro Manila. The company is one of the largest and most diversified conglomerates in the Philippines. Originally fo ...
(SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1 percent of Petron. In 2010, SMC acquired majority control of Petron Corporation. In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations across
Peninsular Malaysia Peninsular Malaysia, historically known as Malaya and also known as West Malaysia or the Malaysian Peninsula, is the western part of Malaysia that comprises the southern part of the Malay Peninsula on Mainland Southeast Asia and the list of isla ...
. On November 9, 2021, SMC CEO
Ramon Ang Ramon See Ang (born January 14, 1954), also known by his initials RSA, is a Filipino businessman. He is the president and chief executive officer (CEO) of Top Frontier Investment Holdings, Top Frontier Investment Holdings, Inc., the largest share ...
offered to sell Petron back to the government in response to calls for re-nationalization due to rising fuel costs.


Products and services

The company's ISO-14001-certified refinery processes
crude oil Petroleum, also known as crude oil or simply oil, is a naturally occurring, yellowish-black liquid chemical mixture found in geological formations, consisting mainly of hydrocarbons. The term ''petroleum'' refers both to naturally occurring u ...
into a full range of petroleum products, including LPG, gasoline, diesel,
jet fuel Jet fuel or aviation turbine fuel (ATF, also abbreviated avtur) is a type of aviation fuel designed for use in aircraft powered by Gas turbine, gas-turbine engines. It is colorless to straw-colored in appearance. The most commonly used fuels for ...
,
kerosene Kerosene, or paraffin, is a combustibility, combustible hydrocarbon liquid which is derived from petroleum. It is widely used as a fuel in Aviation fuel, aviation as well as households. Its name derives from the Greek (''kērós'') meaning " ...
, industrial fuel oil,
solvents A solvent (from the Latin '' solvō'', "loosen, untie, solve") is a substance that dissolves a solute, resulting in a solution. A solvent is usually a liquid but can also be a solid, a gas, or a supercritical fluid. Water is a solvent for p ...
, asphalts and mixed
xylene In organic chemistry, xylene or xylol (; IUPAC name: dimethylbenzene) are any of three organic compounds with the formula . They are derived from the substitution of two hydrogen atoms with methyl groups in a benzene ring; which hydrogens are su ...
. Petron's lube oil blending plant produces mechanical lubricants and grease. These products are also sold through service stations and sales centers, and directly to industrial customers with the largest client being the power sector. Petron also supplies jet fuels to international and domestic carriers. Through more than 1,200 service stations, they retail gasoline, diesel and kerosene to motorists and public transport operators. They also sell their LPG brand Gasul to households and other consumers through an extensive dealership network. Petron opened its first fuel additives blending plant in the Asia-Pacific region at the
Subic Bay Freeport Zone The Subic Special Economic and Freeport Zone, often shortened as Subic Bay or Subic, is a special economic zone and List of free ports, freeport area covering portions of the city of Olongapo and the town of Subic, Zambales, Subic in Zambales, ...
in November 2008. The plant has the capacity to blend 12,000 metric tons (MT) of fuel additives per year. In 2006, the facility was constructed in partnership with Innospec. As part of the agreement. In April 2008, Petron commissioned the country's first
petrochemical Petrochemicals (sometimes abbreviated as petchems) are the chemical products obtained from petroleum by refining. Some chemical compounds made from petroleum are also obtained from other fossil fuels, such as coal or natural gas, or renewable s ...
feedstock units, at its -per-day Bataan Refinery. The feedstock unit converts black products (fuel oil) into LPG, gasoline, and diesel. It also purifies propylene to manufacture
food packaging Food packaging is a packaging system specifically designed for food and represents one of the most important aspects among the processes involved in the food industry, as it provides protection from chemical, biological and physical alterations ...
, appliances, suitcases, furniture, DVDs and car parts.


Sports teams

* Petron Blaze Spikers *
Petron Blaze Boosters The San Miguel Beermen are a professional basketball team in the Philippine Basketball Association (PBA). It is one of three PBA clubs owned by the San Miguel Corporation group of companies along with Barangay Ginebra San Miguel and Magnolia ...


See also

*
Petron Megaplaza The Petron Megaplaza is an office skyscraper located in Makati, Philippines. It previously held the title as the tallest building in the Philippines from 1998 to 2000 when the PBCom Tower was topped-off. It has a total ground to architectural s ...
*
List of gas station chains in the Philippines A list is a set of discrete items of information collected and set forth in some format for utility, entertainment, or other purposes. A list may be memorialized in any number of ways, including existing only in the mind of the list-maker, but ...


References


External links

* {{PSEi Oil and gas companies of the Philippines San Miguel Corporation subsidiaries Companies based in Mandaluyong Energy companies established in 1933 Non-renewable resource companies established in 1933 Philippine brands 1994 initial public offerings Companies listed on the Philippine Stock Exchange Philippine companies established in 1933 Former ExxonMobil subsidiaries Gas stations in the Philippines