San Miguel Corporation (SMC) Chairman and CEO Ramon S. Ang has renewed his offer to sell Petron Corporation to the Philippine government, citing the ongoing energy emergency and record-high fuel prices.
“I first made this offer to Congress in 2021, and it remains open. 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.
The SMC chief said the sale could be structured in tranches at fair market value, allowing the government to avoid a lump-sum payment during a challenging fiscal period.
Ang emphasized that Petron has never been treated purely as a profit center.
“We lost 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 simply import finished fuel, as other oil companies chose to do. We did that because the country needs its own refining capacity. That has always been our reason,” he said.
With the Bataan refinery processing 180,000 barrels per day and supplying roughly a third of the nation’s fuel demand, Ang highlighted the facility’s growing importance to energy security amid disruptions in the Strait of Hormuz.
“This is not about who owns Petron. This is about what is best for the country,” he stressed.
Lawmakers have periodically explored the idea of returning Petron to state control, arguing that the country’s only oil refinery is a strategic asset during periods of global market volatility.
Ang’s renewed offer comes as fuel prices continue to strain households and businesses.
On Friday, SMC shares rose P0.40, or 0.56 percent, to close at P71.50 apiece.
