Petron Corporation is one of the largest oil companies in the Philippines,[4] supplying more than a third of the country's oil requirements. It operates a refinery in Limay, Bataan with a rated capacity of 180000 oilbbl/d. From the refinery, Petron moves its products mainly by sea to 32 depots and terminals throughout the country. It is the sole oil refiner in the country after Pilipinas Shell exited the refining business.
History
Petron's history dates back to September 7, 1933, when Socony-Vacuum Oil Company (Standard Oil of New York) and Standard Oil of New Jersey (also known as Jersey Standard) merged their interests in the Far East into a 50–50 joint venture named the Standard Vacuum Oil Company (Stanvac). It operated in 50 countries, including the Philippines, New Zealand, China, and the region of East Africa.
In 1953, the Philippine national government, partly to promote Claro M. Recto's national industrialization program and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with affordable petroleum products.