Ramon Ang ready to sell Petron to gov't amid oil price shocks

Business ycoon Ramon Ang on Friday said his company, Petron Corporation —the country’s largest oil refiner and retailer— will cooperate with the government in its efforts to ease the public’s burden due to the global oil price shock. 

Ang even expressing willingness to sell the fuel firm to the state.

WATCH: Petron Chairman Ramon Ang: I promise the public, we will not take advantage of this fuel crisis. | via @Ted_Cordero

Video courtesy of MPC Pool pic.twitter.com/lpARXSGyaQ

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“I promise the public, we will not take advantage of this fuel crisis. Di kami kikita ng mahigit pa sa normal and I’m willing even to lower the income. Balewala ‘yun sakin —‘yung income,” Ang, the chairman, president and CEO of Petron, told reporters at the sidelines of the opening of the NAIA Expressway Phase II.

(We won't earn more than normal and I'm even willing to lower our income. I don't care about that.)

“Sabi ko nga eh, kung gusto ng gobyerno pwedeng ngang bilhin ng gobyerno ang Petron sakin eh. Kung sa tingin nila mas magaling sila magpatakbo ‘diba. In short, you have my 100% cooperation na tutulungan ‘yung mga kababayan natin,” he said.

(I already said, if the government wants, the government can buy Petron from me. If they think they can run it better, right? In short, you have my 100% cooperation to help our countrymen.)

Energy Secretary Sharon Garin earlier said that it is not a good idea for the government to temporarily take over the operations of oil companies in the country, saying the government lacks the capacity to run about 14,000 fuel stations across the country.

The Petron chairman, meanwhile, said that it is important for the country to continuously import crude oil since buying finished products is more difficult during times of crisis or conflicts in the petroleum-producing Middle East.

Ang explained that the “premium” is lower at 10-20% when importing crude compared to importing refined products—gasoline, diesel, kerosene, and jet fuel—which could go as high as 40% to 50% during supply constraints.

"Premium" refers to the additional cost in importing crude oil or its refined products, reflecting costs arising from freight, insurance, and regional price differentials.

“Kaya napakaimportante na makaimport tayo ng crude oil para sa ganun ay tuloy-tuloy ang supply,” Ang said.

(That’s why it is important for us to import crude oil continuously.)

The Philippines has purchased two of Russia's far-eastern ESPO Blend cargoes of some 1.5 million barrels of crude oil, according to data from financial analytics firm LSEG. —VAL, GMA Integrated News