Petron opens fuel blending plant

MANILA, Philippines - Petron Corp. expects to expand its market in the Asia-Pacific region and cut down import costs with the opening of its fuel additive plant, the country’s first. Petron will inaugurate the fuel additive blending plant at the Subic Bay Freeport Zone Thursday. The plant can blend 12,000 metric tons of fuel additives per year. When used in gasoline, diesel or fuel oil, fuel additives improve efficiency, boost engine performance and benefit the environment by reducing harmful emissions. In a statement, Petron said the facility was in line with its strategy of developing nontraditional revenue streams and expand its market overseas. "The commissioning of the Petron fuel additives blending plant underscores our efforts to diversify from our core business to ensure that we continue to produce more value for our shareholders and maintain our growth momentum," Petron President Eric O. Recto said. The facility was built in partnership with Innospec, Inc. a global fuel additive supplier. Petron will operate the plant to serve Innospec’s customers and its own clients in the region. - BusinessWorld