MANILA, Philippines - Petron Corp., the country’s largest oil refiner, will tap the debt market this year to help fund its capital expenditures (capex) program.
In a disclosure to the Philippine Stock Exchange (PSE), Petron said it would issue dollar-denominated debt this year although it has yet to determine the exact amount.
Petron president Eric Recto said there are no available details yet on the planned transaction.
“We have no details yet. We just obtained clearance to pursue offers. It will be used to fund our capex,†Recto said.
In the first nine months of 2012, Petron reported its consolidated net income plunged to P932 million from P7.6 billion a year earlier, largely on depressed margins in global markets.
The company also said its consolidated net income of P500 million was down by 68 percent from P1.56 billion a year earlier, Petron earlier said in a statement.
However, the P500 million third quarter income was a turnaround from the P2.1 billion loss posted in the second quarter.
Officials said Petron is focused strategic initiatives that will ensure the long-term growth and profitability of Petron.