RSA revives offer to sell Petron to gov’t amid energy concerns

Ramon S. Ang on Friday renewed his standing offer to sell Petron Corporation to the government, as discussions resurface on placing the country’s sole oil refinery under state control.

The San Miguel Corporation chief said the proposal, first raised before Congress in 2021, remains open should policymakers determine that public ownership would better serve national interest amid mounting energy security concerns.

“If the government believes that Petron under its 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 added that a potential transaction could be structured in tranches at fair market value, allowing the government to avoid a large upfront fiscal burden at a time of constrained public finances.

He emphasized that Petron has not been managed purely as a profit center, noting that the company absorbed more than ₱11 billion in losses in 2020 while continuing operations to ensure domestic fuel supply.

The conglomerate also invested around $2 billion to upgrade the Bataan refinery, which remains operational despite a broader industry shift toward importing finished fuel. Ang said the decision underscores the strategic importance of maintaining local refining capacity.

With a throughput capacity of 180,000 barrels per day, the Petron Bataan refinery supplies roughly a third of the country’s fuel requirements, making it a critical pillar of energy security. Its role has become even more significant amid global supply uncertainties, including disruptions in the Strait of Hormuz and persistently elevated fuel prices.

“This is not about who owns Petron. This is about what is best for the country,” Ang said.

The renewed offer comes as some lawmakers revisit proposals to bring the country’s refining assets back under state control, a move proponents argue could help stabilize supply and cushion the impact of global oil volatility on domestic markets.