The Petron Bataan Refinery, the largest in the Philippines, processes crude oil needed for a full range of petroleum products like gasoline, diesel, kerosene and liquefied petroleum gas.
Petron Corporation is looking to divest anew its 140-megawatt solid-fired power plant in Limay, Bataan.
Under the MOU, SMC Global Power will conduct a preliminary review of the power plant and its operations over a six-month period to determine the feasibility of a possible acquisition.
The power plant supplies the power requirements of Petron’s 180,000 barrel-per-day refinery in Bataan.
Petron is the original owner of the PBR, which was then only 2×35 MW power plant. SMC Powergen first acquired the facility in 2013 and expanded its capacity to 140 MW in 2014. Petron reacquired the facility late 2016.
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During the first half of the year, Petron’s net income dropped by 72 percent—P2.6 billion from P7.9 billion year-on-year—as volumes were dragged by higher costs of fuel due to the tax reform law.
Consolidated revenues amounted to P254.8 billion, down 7 percent from a year earlier.
