Petron opens $2.5-M blending plant
By. Abigail Ho – Philippine Daily Inquirer
INDUSTRY LEADER PETRON CORP. has opened its $2.5-million fuel additives blending plant, the first such facility in Asia Pacific.
According to Petron, the commissioning of the facility forms part of its strategy to tap new revenue streams to tap new revenue streams and strengthen its foothold in the international market.
The plant, situated within the Subic Bay Freeport Zone, can blend 12,000 metric tons of additives a year. The additives, when blended with gasoline, diesel or fuel oil, can boost engine performance and reduce harmful emissions.
The project was undertaken in partnership with Nasdaq-listed Innospec, as part of an agreement signed by the two firms in 2006.
Under the deal, Petron would construct and operate the plant to serve the fuel additives requirements of Innospec’s customers in the region.
About 80 percent of the plant’s output would be exported to countries in Asia Pacific where Innospec has operations. The remainder would be used in the country as a blend for Petron’s Blaze, XCS, Xtra Unleaded, E10 Premium and Diesel Max.
INDUSTRY LEADER PETRON CORP. has opened its $2.5-million fuel additives blending plant, the first such facility in Asia Pacific.
According to Petron, the commissioning of the facility forms part of its strategy to tap new revenue streams to tap new revenue streams and strengthen its foothold in the international market.
The plant, situated within the Subic Bay Freeport Zone, can blend 12,000 metric tons of additives a year. The additives, when blended with gasoline, diesel or fuel oil, can boost engine performance and reduce harmful emissions.
The project was undertaken in partnership with Nasdaq-listed Innospec, as part of an agreement signed by the two firms in 2006.
Under the deal, Petron would construct and operate the plant to serve the fuel additives requirements of Innospec’s customers in the region.
About 80 percent of the plant’s output would be exported to countries in Asia Pacific where Innospec has operations. The remainder would be used in the country as a blend for Petron’s Blaze, XCS, Xtra Unleaded, E10 Premium and Diesel Max.
ENGINEERS conduct routine check of the fuel additives blending plant in Subic Freeport, the first of its kind in Asia Pacific.
Also under the deal, Petron would provide technical support services to Innospec in the region, as well as participate in the marketing of fuel additives in specific markets.
“This project combines Petron’s first-rate technical services, marketing capability and strategic location with Innocpec’c fuel additive technologies and strong presence in Asia,” Petron chair and chief executive Nicasio Alcantara said in a statement.
“Demand for fuel additives in other Asian countries is projected to remain high, and we expect to generate additional revenue from this,” he added.
“Petron could also take advantage of the partnership by tapping Innsopec’s customer base for Petron-branded lubricants, since many of Innospec’s power plant, refiner and manufacturer customers in the region also used lubricants.
“The commissioning of the Petron fuel additives blending plant underscores our efforts to diversity from our core business to ensure that we continue to produce more value for our shareholders and maintain our growth momentum,” Petron president Eric Recto said.
“This project combines Petron’s first-rate technical services, marketing capability and strategic location with Innocpec’c fuel additive technologies and strong presence in Asia,” Petron chair and chief executive Nicasio Alcantara said in a statement.
“Demand for fuel additives in other Asian countries is projected to remain high, and we expect to generate additional revenue from this,” he added.
“Petron could also take advantage of the partnership by tapping Innsopec’s customer base for Petron-branded lubricants, since many of Innospec’s power plant, refiner and manufacturer customers in the region also used lubricants.
“The commissioning of the Petron fuel additives blending plant underscores our efforts to diversity from our core business to ensure that we continue to produce more value for our shareholders and maintain our growth momentum,” Petron president Eric Recto said.
Labels: petron, power plant, subic bay freeport
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