Petron income down by 31% in first quarter

The Philippines’ largest oil refiner Petron Corporation reported that its net income for the first quarter of 2008 dipped by 31% to Php658 million (US$15.4 million) from last year’s Php953 million (US$22.4 million) due to lower refining margins. Last April, Petron inaugurated the country’s first petrochemical feedstock units at its Bataan Refinery namely the Petro Fluidized Catalytic Cracking Unit (PetroFCC) and the Propylene Recovery Unit (PRU). The PetroFCC, the first cracking unit of its kind in the world, converts black products into higher value LPG, gasoline and diesel. Petron will be the exclusive toll blender for Innospec, a fuel additives supplier. Under the partnership, Petron will be able to tap Innospec’s regional customer network for its own lubricants and specialty chemicals. (May 8, 2008)