| Work Detail |
Petron Corp. has assured the Board of Investments (BOI) the expansion of its refinery project is on track as detailed in its work program in its registration with the agency.
The assurance came after the BOI has granted yet another Petron project incentives, the P81.9 billion condensate processing complex project also in Bataan.
The BOI said Petron announced it is on track to expand the capacity of its oil refinery complex in Bataan from the present 180,000 barrels to around 270,000 to 300,000 barrels a day by the year 2022. The investment will address the strong fuel demand in the coming years.
Petron’s condensate processing projecrwas granted non-pioneer incentives including a five-year income tax holiday, which the company can start availing once it starts commercial operation in February 2024.
Aside from the five-year income tax holiday, Petron will also enjoy duty-free importation of its capital equipment.
Based on its application with the BOI, Petron will require new processing units and support facilities such as new getty and tanks including 6 cooling storage tanks to produce additional capacities for LPG, diesel, naphtha and petrochemical products. |
