San Miguel Corp. chairman and chief executive Ramon Ang renewed an offer on Friday to sell Petron Corp. back to the Philippine government as lawmakers call for the state to reclaim the nation’s sole oil refinery amid a national energy emergency.
The offer, originally presented to Congress in 2021, remains on the table to help the government manage volatile fuel prices and supply stability, he said.
“I first made this offer to Congress in 2021, and it remains open. If the government believes that Petron under it ownership will better serve the Filipino people especially in times like these, we are ready to sit down and make it happen,” Ang said.
Ang suggested the acquisition could be structured in tranches based on fair market valuation. This approach would allow the government to avoid a lump-sum payment during a period of fiscal constraint, he said.
The San Miguel Corp. chief executive said the company has prioritized national energy security over immediate financial gains, noting that Petron Corp. recorded a loss of over P11 billion in 2020.
“We invested $2 billion to upgrade the Bataan refinery and kept it running even when it would have been easier to just import finished fuel, the way other oil companies chose to do. We did that because the country needs its own refining capacity. That has always been our reason,” Ang said.
The Petron Bataan refinery processes 180,000 barrels per day and provides about 33 percent of the national fuel demand.
Ang said the facility is increasingly critical to domestic energy security given the ongoing disruptions in the Strait of Hormuz and record-high global fuel prices.
“This is not about who owns Petron. This is about what is best for the country,” Ang said.
While reports indicated that Petron Corp. recently received a new shipment of crude oil, the company has not confirmed the delivery.
