PETRON CORPORATION (PCOR) Profile

Petron Corporation (PCOR) was incorporated in 1966 as Esso Philippines, Inc. and laterrenamed to Petrophil Corporation when the Philippine National Oil Company (PNOC)acquired Esso. In 1985, Petrophil Corporation and Bataan Refinery Corporation(formerly Standard Vacuum Refining Corporation) were merged, with Petrophil asthe surviving corporation. Petrophil later changed its corporate name to PetronCorporation. On March 4, 1994, PNOC sold 40% of its shares in PCOR to AramcoOverseas Company B.V. (AOC), a wholly owned subsidiary of Saudi Arabian OilCompany (Saudi Aramco).PCOR's principal business involves the refining of crude oil and the marketing anddistribution of refined petroleum products, mainly for the domestic market. TheCompany sells a full range of refined petroleum products, including industrial fueloil, diesel, gasoline, liquefied petroleum gas (LPG), jet fuel, kerosene, asphalt, solventand mixed xylene and propylene. Straight-run fuel oil, diesel, and mixed xylene andpropylene are exported while lubricating oils and greases are manufactured at PCOR'sLube Oil Blending Plant at the Pandacan Terminal. When necessary, some refinedpetroleum products are imported.From the refinery, PCOR moves its products mainly by sea to its 31 depots andterminals situated all over the country. Through this nationwide network, PCORsupplies fuel oil, diesel, LPG and jet fuel to various industrial customers, powercompanies and international and domestic carriers.On October 6, 2008, PNOC informed SEA BV and PCOR of its intent to dispose its 40%stake in the company. In December 2008, the 40% interest of PNOC in PCOR was finallypurchased by SEA Refinery Corporation (SRC), a domestic corporation wholly-ownedby SEA BV. In a related development, SEA BV sold a portion of its interest in PCORequivalent to 10.1% of the issued shares to SRC. As of December 31, 2009, SEA BV isPCOR's parent company.On April 30, 2010, SMC informed Petron of its intention to exercise its option to acquireforty percent of SRC's outstanding capital stock, with the remaining sixty percent to beexercised by SMC not later than December 23, 2010. In December 2010, SMC finallyexercised its option to acquire the remaining 60% of SRC's shares.At present, PCOR has seven subsidiaries, namely, New Ventures Realty Corporation,Petrogen Insurance Corporation, Overseas Insurance Corporation, Ltd., PetronFoundation, Inc., Petron Freeport Corporation, Petron Marketing Corporation, andPetron Singapore Trading Pte. Ltd.

http://www.petron.com