Petron Secures Regulatory Approval for Biofuels Business

Philippine oil and refining company Petron Corp. has announced regulatory approval on its planned biofuels venture, the company announced on January 03.  In a regulatory filing, Petron said the Securities and Exchange Commission (SEC) approved an amendment to its articles of incorporation that will allow it to construct and operate a coco-methyl ester plant and secure relevant permits for the project.  

The SEC approval, the company said, will amend its primary purpose under its second article of incorporation, allowing the inclusion of biofuels in its business. 
The company said that the amendment would allow it to “acquire, store, hold, transport, use, experiment with, market, distribute, exchange, sell and otherwise dispose of, import, export, handle, trade, and generally deal in, refine, treat, reduce, distill, manufacture, produce and smelt, as applicable, any and all kinds of petroleum and petroleum products, oil, gas and other volatile substances.”