Petron Corporation

Petron Corporation (PSE: PCOR) is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country’s oil requirements.

Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels per day (29,000 m3/d). From the refinery, Petron moves their products mainly by sea to 32 depots and terminals in the country. They operate a state-of-the-art lube oil blending plant at their Pandacan Terminal, where it manufactures lubes and greases.

Petron is publicly listed. Up until recently, the Philippine National Oil Company (PNOC) and the Aramco Overseas Company B.V. each owns a 40% share of equity, with the remaining 20% is held by close to 190,000 individual stockholders. In 2008, Saudi Aramco sold its entire stake to London-listed investment group Ashmore Group, through SEA Refinery Holdings BV. Then SEA added 11 percent more stake in Petron when Ashmore made a required tender offer to other shareholders, for a total 51 percent stake.

In December 2008, Ashmore acquired PNOC's 40 percent stake in Petron. It subsequently sold its 51 percent stake to local food and beverage giant San Miguel Corporation (SMC). Ashmore retains 40 percent. The remaining shares—about 9 percent—are held by the public.