Philippine refiner Petron spending profits on petchem expansions

摘要

Singapore-Saudi-backed Philippine refiner Petron Corp is funneling some of this year's profits into upgrades at its 180,000 b/d refinery at Limay in Bataan,and setting up new petrochemical units in the complex,the company said Nov 14.High international oil prices and increased product export volumes lifted Petron's third-quarter net income to Peso 2.467-bil (us45.15-mil),almost two-and-a-half times the Peso 1.002-bil recorded in the same period of 2004.Export sales contributed Peso 848-mil or 34% of the company's Q3 income and Peso 1.62-bil,or more than a third,of the income in the first nine months of the year.Foreign sales had accounted for just 9% of Petron's income in 2004.