BY UNICAPITAL SECURITIES
Petron Corporation (PCOR) is downsizing its spending program this year and over the near term but will continue an aggressive network expansion to preserve its position atop the Philippine oil industry.
Petron senior vice president and chief finance officer Emmanuel Erana said the oil firm is earmarking up to PHP 10 billion for capital expenditures this year.
Erana said this year’s capex budget would be spent on putting up new stations locally and abroad as well as in upgrading depots.
Petron is looking to put up 250 new stations in the Philippines this year and add 50 more in Malaysia. Petron currently has 560 operational stations in Malaysia.