Petron holds stockholders meet at Manila Hotel today
Petron is already constructing the planned $ 2.5 million fuel additives blending plant in Subic Bay that will serve as a supply hub for Innospec’s customers in the Asia-Pacific region.
Oil giant Petron Corporation will be holding its Annual Stockholders Meeting today at the Fiesta Pavilion of Manila Hotel to report on its full-year performance in 2006 and the first half of this year.
Chairman and CEO Nicasio L. Alcantara and President Khalid D. Al-Faddagh will preside over the meeting which starts at 9:00 a.m.
The company, which has the largest of oil distribution network in the country, controls roughly 40 percent of the country’s oil requirement.
The oil firm reported P6.02-billion net income last year despite some circumstances that have affected its operations, including the oil spill dilemma it had in Guimaras island in the Visayas.
For the first half of 2007, company officials noted that prospects remain bright; though they have withheld information yet on the level of their profit from January to June.
Last year, Petron reported that it cornered a 10.5 percent increase in sales revenues hitting P211.72 billion from the 2005 level of P191.48 billion.
The dynamics of the domestic petroleum market is largely defined by intensifying competition among industry players who are all taking their cue from movements in global oil prices when it comes to price adjustments.
Facing up to that, Petron showed strength when it comes to bringing its operations to higher gear, by sustaining its dominance in terms of market share.
Due to some difficulties brought about by the oil market’s environment, the company noted it incurred inventory losses amounting to P1.6 billion losses during the first half of 2006 primarily due to the steep drop the prices of crude and finished products. However, it was able to bounce back on from such predicament in the second half.
Petron indicated that foreign exchange gains and improvements in operating efficiencies partly offset the inventory losses sustained by the company.
There have also been contraction in domestic demand last year by about 7.5-percent; but the giant player appeared to have fared better against competitors when it comes to maintaining and even snatching market shares.
The company’s share in the domestic oil industry pie has widened to 38.8percent last year; up by 0.8-percent from the yearago level.
Its ever robust export volume is also contributing greatly to its bottom line; with overseas sales inching up to 10.91 million barrels, manifesting a significant 37-percent climb from the 2005 level of 7.96 million barrels.
Last year was also Petron’s period of introduction in the export market of its non-traditional products, like its foray for lubricants in Cambodia and is also gradually establishing market base in Indonesia.
"The company continues to have the highest market share in all major oil industry segments including the retail, industrial and LPG (liquefied petroleum gas) trades," Petron has emphasized.
The company also closed deals for its strategic partnership with Innospec, a leading global fuel additives supplier whose products are used in Petron’s world-class fuels, namely Blaze, XCS Plus, Xtra Unleaded and DieselMax.
Petron is already constructing the planned $ 2.5 million fuel additives blending plant in Subic Bay that will serve as a supply hub for Innospec’s customers in the Asia-Pacific region.
By MYRNA M. VELASCO - Manila Bulletin
Oil giant Petron Corporation will be holding its Annual Stockholders Meeting today at the Fiesta Pavilion of Manila Hotel to report on its full-year performance in 2006 and the first half of this year.
Chairman and CEO Nicasio L. Alcantara and President Khalid D. Al-Faddagh will preside over the meeting which starts at 9:00 a.m.
The company, which has the largest of oil distribution network in the country, controls roughly 40 percent of the country’s oil requirement.
The oil firm reported P6.02-billion net income last year despite some circumstances that have affected its operations, including the oil spill dilemma it had in Guimaras island in the Visayas.
For the first half of 2007, company officials noted that prospects remain bright; though they have withheld information yet on the level of their profit from January to June.
Last year, Petron reported that it cornered a 10.5 percent increase in sales revenues hitting P211.72 billion from the 2005 level of P191.48 billion.
The dynamics of the domestic petroleum market is largely defined by intensifying competition among industry players who are all taking their cue from movements in global oil prices when it comes to price adjustments.
Facing up to that, Petron showed strength when it comes to bringing its operations to higher gear, by sustaining its dominance in terms of market share.
Due to some difficulties brought about by the oil market’s environment, the company noted it incurred inventory losses amounting to P1.6 billion losses during the first half of 2006 primarily due to the steep drop the prices of crude and finished products. However, it was able to bounce back on from such predicament in the second half.
Petron indicated that foreign exchange gains and improvements in operating efficiencies partly offset the inventory losses sustained by the company.
There have also been contraction in domestic demand last year by about 7.5-percent; but the giant player appeared to have fared better against competitors when it comes to maintaining and even snatching market shares.
The company’s share in the domestic oil industry pie has widened to 38.8percent last year; up by 0.8-percent from the yearago level.
Its ever robust export volume is also contributing greatly to its bottom line; with overseas sales inching up to 10.91 million barrels, manifesting a significant 37-percent climb from the 2005 level of 7.96 million barrels.
Last year was also Petron’s period of introduction in the export market of its non-traditional products, like its foray for lubricants in Cambodia and is also gradually establishing market base in Indonesia.
"The company continues to have the highest market share in all major oil industry segments including the retail, industrial and LPG (liquefied petroleum gas) trades," Petron has emphasized.
The company also closed deals for its strategic partnership with Innospec, a leading global fuel additives supplier whose products are used in Petron’s world-class fuels, namely Blaze, XCS Plus, Xtra Unleaded and DieselMax.
Petron is already constructing the planned $ 2.5 million fuel additives blending plant in Subic Bay that will serve as a supply hub for Innospec’s customers in the Asia-Pacific region.
By MYRNA M. VELASCO - Manila Bulletin
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