Petron Corporation (PCOR) was incorporated in 1966 as Esso Philippines, Inc. and later renamed to Petrophil Corporation when the Philippine National Oil Company (PNOC) acquired Esso. In 1985, Petrophil Corporation and Bataan Refinery Corporation (formerly Standard Vacuum Refining Corporation) were merged, with Petrophil as the surviving corporation. Petrophil later changed its corporate name to Petron Corporation. In 1994, PNOC sold 40% of its shares in PCOR to Aramco Overseas Company B.V. (AOC), a wholly owned subsidiary of Saudi Arabian Oil Company (Saudi Aramco).
PCOR's principal business involves the refining of crude oil and the marketing and distribution of refined petroleum products, mainly for the domestic market. The Company sells a full range of refined petroleum products, including industrial fuel oil, diesel, gasoline, liquefied petroleum gas (LPG), jet fuel, kerosene, asphalt, solvent and mixed xylene and propylene. Straight-run fuel oil, diesel, and mixed xylene and propylene are exported while lubricating oils and greases are manufactured at PCOR's Lube Oil Blending Plant at the Pandacan Terminal.
From the refinery, PCOR moves its products mainly by sea to its 31 depots and terminals situated all over the country. Through this nationwide network, PCOR supplies fuel oil, diesel, LPG and jet fuel to various industrial customers, power companies and international and domestic carriers.
On October 6, 2008, PNOC informed SEA BV and PCOR of its intent to dispose its 40% stake in the company. In December 2008, the 40% interest of PNOC in PCOR was finally purchased by SEA Refinery Corporation (SRC), a domestic corporation wholly-owned by SEA BV. In a related development, San Miguel Corporation (SMC) and SEA BV entered into an option agreement granting SMC the option to buy the entire ownership interest of SEA BV in its local subsidiary SRC.
On April 30, 2010, SMC notified SEA BV that it would exercise its option to purchase 16,000,000 shares of SRC from SEA BV, which was approximately 40% of the outstanding capital stock of SRC. On December 15, 2010, SMC exercised its option to acquire the remaining 60% of SRC from SEA B. V. pursuant to the Option Agreement. With the exercise of the option, SMC beneficially owns approximately 68% of the outstanding and issued shares of stock of Petron. As such, on that date, SMC obtained control of SRC and Petron. As of end of December 2011, Petron's major shareholders comprised of SRC, PCERP, and SMC.
At present, PCOR has seven subsidiaries, namely, New Ventures Realty Corporation, Petrogen Insurance Corporation, Overseas Insurance Corporation, Ltd., Petron Foundation, Inc., Petron Freeport Corporation, Petron Marketing Corporation, and Petron Singapore Trading Pte. Ltd.
PCOR's principal business involves the refining of crude oil and the marketing and distribution of refined petroleum products, mainly for the domestic market. The Company sells a full range of refined petroleum products, including industrial fuel oil, diesel, gasoline, liquefied petroleum gas (LPG), jet fuel, kerosene, asphalt, solvent and mixed xylene and propylene. Straight-run fuel oil, diesel, and mixed xylene and propylene are exported while lubricating oils and greases are manufactured at PCOR's Lube Oil Blending Plant at the Pandacan Terminal.
From the refinery, PCOR moves its products mainly by sea to its 31 depots and terminals situated all over the country. Through this nationwide network, PCOR supplies fuel oil, diesel, LPG and jet fuel to various industrial customers, power companies and international and domestic carriers.
On October 6, 2008, PNOC informed SEA BV and PCOR of its intent to dispose its 40% stake in the company. In December 2008, the 40% interest of PNOC in PCOR was finally purchased by SEA Refinery Corporation (SRC), a domestic corporation wholly-owned by SEA BV. In a related development, San Miguel Corporation (SMC) and SEA BV entered into an option agreement granting SMC the option to buy the entire ownership interest of SEA BV in its local subsidiary SRC.
On April 30, 2010, SMC notified SEA BV that it would exercise its option to purchase 16,000,000 shares of SRC from SEA BV, which was approximately 40% of the outstanding capital stock of SRC. On December 15, 2010, SMC exercised its option to acquire the remaining 60% of SRC from SEA B. V. pursuant to the Option Agreement. With the exercise of the option, SMC beneficially owns approximately 68% of the outstanding and issued shares of stock of Petron. As such, on that date, SMC obtained control of SRC and Petron. As of end of December 2011, Petron's major shareholders comprised of SRC, PCERP, and SMC.
At present, PCOR has seven subsidiaries, namely, New Ventures Realty Corporation, Petrogen Insurance Corporation, Overseas Insurance Corporation, Ltd., Petron Foundation, Inc., Petron Freeport Corporation, Petron Marketing Corporation, and Petron Singapore Trading Pte. Ltd.
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