Petron CEO, Ramon S. Ang, urged the government to come up with clearer specifications for the bioethanol being blended with gasoline at the pumps.

He also said that the current mixture of 10% bioethanol (E10) possesses a threat to car engines because the water content in them could cause the car parts in the engines to corrode. Specifically the parts that the ethanol blended fuel is going to pass through, like the gas tank, fuel pump, carburetor or fuel injectors.
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Petron, recently acquired by Philippine food and beverage giant, San Miguel Corp (SMC), announced that their board has approved a revamp of its business to include energy generation and sale.
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San Miguel Corp (SMC), president, Ramon Ang said that they are planning to sell in 2009 some of their shareholdings in their food and packaging businesses in order to fund their investments in heavy industries. They will however still maintain control of these subsidiaries by having 51% worth of shares in them.

Just recently it was announced that Japanese beer maker, Kirin, would buy some of SMC’s shares in their Brewery business. Businessweek has a great article on the relationship of Kirin and SMC with regards to the deal they are about to embark on.
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The Philippine Stock Exchange (PSE) has asked San Miguel Corp (SMC) to justify why it shouldn’t be sanctioned for possible disclosure rule violations after it acquired majority stake in the major Philippine Oil refiner, Petron Corp.

SMC acquired its stake after acquiring a subsidiary of UK’s the Ashmore Group that held their shares in Petron. Ashmore acquired the 40% stake of the government late last year after paying P25.7 billion.
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In a disclosure to the SEC, Oil Refiner Petron Corp, informed them of changes to the officers of the company as elections took place to reflect the new owner’s stake.

San Miguel Corp recently acquired majority stake in Petron after it bought SEA Refinery from the Ashmore Group. The Ashmore Group of UK just last year bought the remaining 40% stake of the Philippine government in Petron.
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After much shellacking from politicians and transports groups for being too slow in lowering their pump prices, publicly listed Petron Corp offered their financial files for scrutiny so that politicians can check for themselves if the company is indeed profiting unjustly with their product pricing.

Petron Public Affairs Manager Virginia A. Ruivivar. said : “If lawmakers actually look into our financial position, they would find that we are in a very difficult situation.”
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