Philippine refiner Petron is set to sell its 180,000 barrel a day complex at Limay in Bataan to the government to stabilise prices and secure the supply of petroleum products in the domestic market.
The company believes deregulation has been beneficial to the economy as well as to the downstream oil industry and should be continued by the government, reports Platts.
In addition to Petron, Shell operates a 110,000 barrel a day refinery in the Philippines.
In 2010 Petron announced plans for a $1.8bn upgrade of the Bataan refinery, which is expected to complete by the end of 2014.
