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Petron Corporation
(02-09-2017, 10:27 AM)goldcambist Wrote: This will move-up very soon.

Time to slowly accumulate.

Blush Bought some
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(05-20-2017, 11:37 AM)jobeth2000 Wrote:
(02-09-2017, 10:27 AM)goldcambist Wrote: This will move-up very soon.

Time to slowly accumulate.

Blush Bought some

Please note I mentioned that on Feb. 09, 2017 pa ha.
banana
Trading stocks is never a sure thing. Please do your own homework before pressing the button.

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Petron sues PNOC over breach of lease contract

PETRON Corp. has filed on Friday a case against state-led Philippine National Oil Co. (PNOC) for breach of a binding and compulsory sale-leaseback contract, which the listed company said threatens to hurt its operations, its shareholders and the economy.

In a statement released over the weekend, Petron said it had asked the Mandaluyong Regional Trial Court for the issuance of a temporary restraining order to “stop PNOC from performing acts aimed at ousting Petron of its leased properties.”

Through its counsel Poblador Bautista and Reyes, Petron sought the court’s help over PNOC’s “threats, breach of sale and leaseback agreement.”

Petron said it had offered to negotiate the agreement with PNOC as early as 2016, but it had been constrained to seek judicial intervention after the government company said early this year that it would terminate the lease.

PNOC President and Chief Executive Officer Reuben S. Lista had alleged that some provisions in the contract are disadvantageous to the government.

“If PNOC will continue to disregard its reciprocal obligations on the conveyance of our land, then they should return the properties to us. Petron has invested billions of dollars on these properties. PNOC’s actions clearly jeopardizes the country’s fuel supply security and government’s thrust to develop key industries,” the company said.

Petron also pointed to two follow-up letters from Mr. Lista dated Aug. 1 and 31, 2017 “demanding to nullify certain provisions of the lease agreements that pose a stumbling block before we can proceed to negotiate the renewal.”

In the letters, Petron said Mr. Lista had called for the abandonment and cleanup of the contested sites on or before expiration of the lease. It also cited news reports saying Mr. Lista had offered the properties covered by the subsisting leases to interested new independent oil companies, “in total disregard of the rights of Petron.”

Petron currently has lease agreements with PNOC for the sites of its $3-billion refinery in Bataan, 24 bulk plants and 67 gasoline stations. The company’s refinery in Limay, Bataan has a rated capacity of 180,000 barrels a day.

Petron said it originally owned the leased properties, and acquired it over several years for the use of its refinery, distribution and sales operations.

“Petron, however, was compelled to give up its land to PNOC in 1993 to comply with the requirements of its privatization. To secure foreign and local investments in Petron and ensure stability of its operations, the transfer of the properties was enabled through a deed of conveyance and lease agreements that guaranteed its long-term and continuous use by Petron,” it said.

“The conveyance with lease-back transaction between Petron and PNOC involves a reciprocal obligation: a) Petron conveyed to PNOC the leased properties at book value; b) in consideration of PNOC leasing the properties back to Petron on a long-term basis and according to its operational requirements. Hence, among the principal considerations for Petron’s conveyance of its properties to PNOC was PNOC’s obligation to leaseback the same properties to Petron,” it said.

Petron said PNOC had committed a fundamental breach of its lease agreement with the company when it moved to unilaterally set aside the renewal clauses.

“PNOC disregarded the true consideration for the leasehold rights acquired by Petron over the properties, which included not only the rental payments but the properties themselves, which Petron had conveyed to PNOC pursuant to privatization,” the company said.

On Friday, before Petron disclosed the filing of the case, Energy Secretary Alfonso G. Cusi told reporters that PNOC had formed a panel tasked to negotiate with Petron on the renewal of the lease agreement.

“The board appointed a negotiating team composed of three directors and three from the management side,” he said, adding that the decision came about after a board meeting on Friday.

PNOC is the commercial arm of the Department of Energy. Mr. Cusi chairs its board.

“After negotiation, after exhausting all the administrative processes, titingnan natin [we will see] what are the options possible,” he said, adding that going to court is among the options for both sides.

“The policy guideline is to negotiate,” he said.


source: http://bworldonline.com/petron-sues-pnoc...-contract/
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...puro investments 

Petron to start refinery expansion by next year

PETRON Corp. is expanding the capacity of its petroleum refinery in Limay, Bataan, which would bring its output to 270,000 barrels daily by 2019, its president said.

Ramon S. Ang, who is also Petron chief executive officer, said the San Miguel Corp. subsidiary has already acquired land near its existing facility, which will be used for the expansion.

“We will be adding another 90,000 barrels a day, so from 180,000 barrels a day, we will be hitting 270,000 barrels a day,” he told reporters.

Petron owns and operates a petroleum refining complex in the Bataan town with its own piers and two offshore berthing facilities. It also has a power plant that serves the needs of the refinery.

The company started in 2010 the Petron Bataan Refinery Master Plan Phase 2 Upgrade (RMP 2). Completed by the end of 2014, the upgrade turned the Bataan facility into a full conversion refining complex that can convert oil production into higher value products such as gasoline, diesel, jet fuel and petrochemicals.

So far, Mr. Ang said the refinery has been performing at optimum level. For instance, he noted production on both Dec. 17 and 18 stood at 179,000 barrels, while on Dec. 16 it reached its full capacity of 180,000 barrels.

“Napakaganda ng takbo [ng Petron refinery],” he said. “Pabuti nang pabuti ang takbo.”

Mr. Ang said the capacity expansion project would start next year and should be completed by 2019.

The new production facility would be built on an adjacent land that Petron bought from private owners.

Aside from the refinery, Petron owns and manages an oil distribution infrastructure with 30 depots, terminals and airport installations and approximately 2,200 retail service stations in the Philippines, and 10 product terminals and more than 560 retail service stations in Malaysia.

Mr. Ang said the Petron refinery’s current performance is a far cry from its showing before the upgrade when it was producing only about 80,000 to 90,000 barrels a day.

As of September, Petron posted a consolidated net income of P11.8 billion, up 58% from the previous year’s P7.4 billion. It previously said its “impressive result” had been driven by focusing on high-value segments and sustained sales volumes from its Philippines and Malaysian operations.

Combined sales volumes hit 80.2 million barrels in the three quarters to September, slightly higher than the 79.3 million sold in the same period in 2016.

Mr. Ang said Petron is among the SMC subsidiaries that are performing well so far this year.

“Lahat ng organic businesses of [SMC] nagiging more stable na,” he said, citing in particular the food business and petroleum refining. “Pinakamahina is power kasi pabagsakan ng presyo, pero maganda sa bayan.”


source: http://bworldonline.com/petron-start-ref...next-year/
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Petron allots $3.5 B for Malaysia refinery expansion

Petron Corp. is investing $3.5 billion to more than double the capacity of its refinery in Malaysia by 2020, its top official said.

The company’s expansion entails an additional 90,000 barrels per day for its Malaysian operations, Petron president and COO Ramon Ang said.

“For the Malaysian refinery expansion, if we’re going to add 90,000 barrels a day, that would mean an investment of $3.5 billion,” he said.

Ang visited Malaysia in May last year to meet with government officials regarding the expansion of the refinery there, which will produce petrochemicals and aromatics.

Petron operates the Port Dickson Refinery, seven storage facilities and about 580 service stations. The complex is equipped with a crude distillation unit, a naphtha hydro treating unit, two semi-regeneration reformer units and a kerosene hydro treating unit.

It is further supported by amenities such as waste-water treatment facilities, steam generator, cooling water plant, flare and safety relieving unit, crude storage tanks, refined petroleum products storage tanks, as well as spheres for liquefied petroleum gas (LPG) storage.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1
When the Malaysian refinery was acquired, Ang said it had an earnings before interest, taxes, depreciation and amortization (EBITDA) of $20 million.

Since then, Petron Malaysia has had a stellar performance, which is expected to churn out an EBITDA of $270 million by end-2017.

“Once the expansion is completed, we are projecting an EBITDA of $600 million a year from $20 million,” Ang said.

At home, Petron is looking to invest $5 billion to raise the capacity of its Bataan refinery in three years.

From the current output of 180,000 BPD, the expansion project entails a new 90,000 barrels per day (BPD) capacity amounting to $1.5 billion and another 90,000 BPD worth $3.5 billion.

Petron targets the first expansion project in 2018 to be completed by 2019. Meanwhile, the next expansion project can start in 2019 and finish by 2020.

Petron expects another banner year in 2017 due to robust sales volume, operational efficiency with increased crude run at higher product yields, and effective risk management.

For the nine months ending September 2017, Petron reported a consolidated net income of P11.8 billion, up 58 percent from P7.4 billion in 2016.


source: http://www.philstar.com/business/2018/01...-expansion
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Petron offers to purchase nearly half of its $750M in subordinated securities

PETRON Corp. has offered to buy nearly half of its $750 million in undated subordinated debts as part of the company’s active management of its capital structure.

In a disclosure to the stock exchange on Monday, Petron said the executive committee of its board of directors authorized a tender offer to holders of its outstanding $750 million, 7.5% undated subordinated capital securities.

Subordinated capital securities rank below other debts in case of liquidation.

At the same time, Petron’s executive committee also gave the go-signal for the issuance of US-dollar denominated subordinated capital securities, which will fund the tender offer of up $350 million.

“The Tender Offer is being made in connection with a concurrent offering of senior perpetual capital securities,” said Petron, which refines crude oil and markets and distributes refined petroleum products in the Philippines and Malaysia. 

The company said it might amend, extend, re-open, waive any condition or terminate the tender offer any time subject to the applicable law and provided in the offering’s memorandum.

At its sole discretion, Petron may also increase or reduce at its discretion the maximum amount it will accept.

Petron said if the aggregate amount of the securities validly tendered exceeds the final maximum acceptance amount, it would accept the debts on a pro rata basis such that the total principal amount does not exceed the maximum.

The payable price per $1,000 in principal amount of the securities will be $1,030, plus any accrued but unpaid distributions and any arrears of distributions.

When it considers the potential allocation of the new securities, Petron said it would look favorably on investors who are security-holders that have informed the company or the joint dealer managers that they have validly tendered, or expressed a firm intention to tender their securities.

But the company said it is not obligated to do so and may take into account “other relevant considerations” in the allocation of the new securities. Those interested in the tender offer have been given a deadline of Jan. 16, 2018.

The Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch is the sole global coordinator for the tender offer and the joint dealer managers along with Australia and New Zealand Banking Group Ltd.; DBS Bank Ltd.; Deutsche Bank AG, Singapore branch; Standard Chartered Bank; and UBS AG, Singapore branch.


source: http://bworldonline.com/petron-offers-pu...ecurities/
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Petron tender offer for HK — listed securities reach max amount

Petron Corp.’s tender offer generated strong interest from holders of the $750-million securities listed at the Hong Kong stock exchange.

In a disclosure to the Philippine Stock Exchange yesterday, the oil firm said the aggregate amount of the securities validly tendered pursuant to the tender offer reached $401.957 million, which was determined to be the final maximum acceptance amount in its tender offer.

“The company has decided to accept for purchase an aggregate principal amount of $401,957,000 of securities validly tendered with no pro rata scaling,” Petron said.

Earlier this month, Petron launched a tender offer of its outstanding $750-million, 7.5 percent undated, subordinated capital securities listed on The Stock Exchange of Hong Kong Ltd.

It made a tender offer on securities up to $350 million until Jan. 16.

Petron has set the settlement date on or about Jan. 22, subject to the satisfaction of the financing condition. The securities purchased by the company will be cancelled.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1
Meanwhile, the balance amounting to $348.043 million will remain outstanding.

To finance the tender offer, Petron announced it is raising $500 million from the issuance of senior perpetual capital securities today.

The distribution rate is 4.6 percent per annum until July 19, 2023, payable semi-annually in arrears on Jan. 19 and July 19.

Beyond 2023, the securities will have a step-up rate of 2.5 percent per annum.

For the tender offer process, Petron has retained The Hongkong and Shanghai Banking Corp. Ltd., Singapore branch as the sole global coordinator.

It tapped Australia and New Zealand Banking Group Ltd., DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, Standard Chartered Bank and UBS AG Singapore Branch, as the joint dealer managers. The company has also engaged D.F. King Ltd. as the information and tender agent for the tender offer.

In 2013, Petron raised $500 million and another $250 million from the issuance of perpetual bonds which was used to finance its Refinery Master Plan 2 (RMP-2), which hiked the Bataan refinery’s production from 120,000 barrels per day to 180,000 barrels per day.

This also allowed the oil company to start local production of Euro-IV compliant fuel products, offering a full-range of premium fuels to the market compliant with global standards ahead of the 2016 government mandatory deadline.


source: http://www.philstar.com/business/2018/01...max-amount
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