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Philippines' Petron says Bataan refinery back to normal operations

Published 11/03/2020, 02:38 PM
Updated 11/03/2020, 02:40 PM
© Reuters.
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PCOR
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MANILA, Nov 3 (Reuters) - Petron Corp PCOR.PS , the
Philippines' only oil refiner, said on Tuesday its
180,000-barrel-per-day Bataan refinery had resumed its normal
operations last month, having been shut down since May.
Petron had previously said it would restart the refinery
operations on Sept. 1. It closed the facility for maintenance
and to mitigate the financial impact of lean fuel demand and
poor margins due to the coronavirus pandemic. Petron is now the only Philippine refiner after Royal Dutch
Shell RDSa.L in August announced its decision to transform its
110,000-bpd Tabangao facility in Batangas province into an
import terminal. The company said it intends to keep its Philippine refinery
running but hopes to get government support via tax relief.
"Under the current regime, refiners are faced with the
burden of paying so much more taxes than importers, making it
more difficult for us to preserve the viability of operating a
refinery in the country," Petron President and CEO Ramon Ang
said in a statement.
Last week, Energy Secretary Alfonso Cusi said his department
was looking into Petron's taxation concerns in coordination with
the finance ministry.
Cusi also said the government was evaluating how the closure
of Petron's refinery would impact pricing and the country's
energy security.

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