Petron Corporation (PCOR) is investing PHP 3.913 billion for the modernization of its 5 oil depots in Luzon. The Board of Investments has already approved the project granting the Ramon Ang company with pioneer tax and fiscal incentives.
As such, the country’s largest oil company will enjoy income tax incentives and duty-free importation of capital equipment.
Document showed the 5 oil depots are located in Navotas; Rosario, Cavite; Limay, Bataan; Mabini, Batangas; and Manila North.
The modernization project will not lead to capacity expansion of these existing oil depots. The modernized depots will start commercial operation in January 2016.