Credit Suisse Singapore buys Petron Shares

Credit Suisse Singapore has purchased the 195 million shares of Petron Corporation Employees’ Retirement Plan (PCERP), representing 2% of the outstanding capital stock of Petron Corp., the Philippines’ leading oil refiner, as disclosed to the Philippine Stock Exchange. PCERP announced at the beginning of 2012 that it planned to sell some 695 million shares at PHP11.00 (US$0.27) each, totaling PHP7.65 billion (US$174 million) in expected proceeds.
Despite Petron’s difficulties in 2012, the company continues to pursue its expansion in the Philippines and overseas. The Malaysian assets of Esso Petroleum Company it had acquired helped Petron’s bottom line, as shown by its financial statement in the third quarter of the year.
Petron will be commissioning a co-generation power facility for its electricity needs in 2013, giving the company a more cost-effective power source, as well as improving its steam supply. In 2014, its US$2-billion refinery upgrade will be completed. An added investment in its Limay refinery will enable Petron to produce Euro IV fuel, which will be the market standard by 2016. The oil firm said that upgrading its facilities will allow them to convert all negative margin fuel into higher value products such as gasoline, diesel and various petrochemicals. (December 6, 2012)