Petron says Malaysian expansion plan under review

ABS-CBN News

Posted at Jan 02 2018 04:12 PM | Updated as of Jan 02 2018 04:32 PM

MANILA - Petron Corp. said Tuesday plans to expand its Malaysian refinery were still under review.

The oil refiner was clarifying a newspaper report which said the company would invest $3.5 billion to boost the capacity of its facility by 2020.

Petron confirmed to the stock exchange that increasing the capacity of its Malaysian refinery by 90,000 barrels a day would cost $3.5 billion.

"We will make the appropriate disclosures to the Exchange should the subject expansion plans push through," Petron said.

Petron's net income in the January to September period last year jumped 58 percent to P11.8 billion driven in part by sustained sales volumes from its Malaysian operations.