Petron gets agreement from Philippines SEC to enter power generation

• 12 years ago (2012-10-06)
• David Flin

North America 1021

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The Philippine oil company Petron Corporation has secured the approval of corporate regulators to change its articles of incorporation. In a statement, Petron said that it received approval from the Securities and Exchange Commission (SEC) for the “amendment of the primary purpose of the company to include the generation and sale of power.” Petron can now officially generate and sell electricity in line with its $2 billion Bataan refinery upgrade.

In the revised primary purpose, Petron can now “purchase, create, generate or otherwise acquire, use, sell, supply, or otherwise dispose of electric current, steam, and water power of every kind and description.” Petron is spending around $240 million for a 70 MW power plant to provide electricity for its Bataan refinery.