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Petron eyes fuel farm on Saipan
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Posted on Apr 01 2006
Top officials of Petron Corp. are set to arrive on Saipan next week to look at the possibility of putting up a fuel farm here, said Gov. Benigno R. Fitial Friday.
Petron, the Philippines’ leading oil refining and marketing company, is owned by the Philippine National Oil Company and Saudi Aramco, which is said to be the world’s largest oil producer, each having a 40-percent share of equity.
The remaining shares are owned by close to 200,000 individual stockholders and institutional investors.
Fitial said Petron president and chief executive officer Khalid D. Al-Faddagh and chairman Nicasio Alcantara are expected to lead the delegation on April 6.
“They are checking this place. They want to build a fuel farm,” said Fitial.
Fitial said having a fuel farm in the CNMI is most needed to ensure a stable supply of oil at a less cost.
“Our goal is to have our own fuel farm right here,” he said.
The Commonwealth Utilities Corp. buys fuel from Mobil Marianas, amounting to some $60 million a year.
Fitial said he has visited Petron’s refinery in Limay, Bataan, which has a capacity of 180,000 barrels per day—the largest in the country.
The plant can process imported crude oil into a full range of petroleum products.
Petron also operates a modern lube oil blending plant in Pandacan, Manila.
Petron said in its online profile that it supplies more than one-third of the country’s oil requirements. It sells fuel oil and diesel in bulk to customers in power generation, construction, land and marine transport, fishing, and various manufacturing sectors and supplies jet fuel to airlines and other international and domestic carriers.
The company also retails gasoline, diesel, and LPG.
