Petron Refinery Upgrade to Cost $1 B

Petron Corp. (PSE: PCOR), the country’s largest oil refiner, is spending $1 billion to upgrade its refinery, and expand its operations and retail network over a period of three years.

“We are continuing with our investments for plant and refinery optimization. We are still going to spend over $1 billion,” Petron president and chief executive officer Ramon Ang said in a briefing after the company’s stockholders’ meeting yesterday.

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