Petron announced recently that they will start selling their “Petron Pinoy Gasoline” which seeks to offer cheaper gasoline for public utility vehicles, small boats and farm equipment. It is priced P3 cheaper price compared to the usual gasoline that they sell at the pumps. According to Petron, it is their response to the request of the transport groups and other sectors for cheaper priced gasoline.
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Petron announced that they were looking for more local bioethanol suppliers to execute supply agreements with in order to meet their target of compliance with the Philippine Biofuel Law which mandates 5% mixture of bioethanol in the gasoline they sell at their pumps. Current output shows that the local bioethanol producers can only meet about 38% (83 million liters) of the demand for bioethanol.
Petron currently has a supply agreement with San Carlos Bioenergy Inc. (SCBI), a local bioethanol processor with capacity of 125,000 li/day.
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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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