Petron open to more acquisitions in Asia

ABS-CBN News

Posted at May 16 2012 01:21 PM | Updated as of May 17 2012 02:39 AM

MANILA, Philippines - Petron Corp. is looking at acquiring other Asian refiners. Petron chairman Ramon Ang said the company is open to more acquisitions in the Asian region, but declined to give details.

Petron had just bought Esso Malaysia this year, and has said it is also interested in Esso Thailand.

"We are very interested if there are opportunities to acquire more in the region... I cannot be speficic on which one is our target because the competition is very tight," Ramon Ang, chairman of Petron, said.

Meanwhile, Ang denies Petron will be giving fuel discounts to Philippine Airlines since both Petron and PAL are now part of the San Miguel group.

But Ang promises he can make PAL profitable again.

"We hope to be able to turn it around as quickly as possible... I don't think Petron will give discount to PAL. Whatever price we sell to everybody, it's the same," he said. - ANC