by Lenie Lectura – May 18, 2016
from Business Mirror
DIVERSIFIED conglomerate San Miguel Corp. (SMC) is earmarking about $4.2 billion to put up five power plants in Luzon and Mindanao, with a total capacity of 2,100 megawatts (MW).
SMC President Ramon S. Ang said, after the Petron Corp. stockholders’ meeting, three of the power plants would have a capacity of 300 MW. Each plant will have a power-generating capacity of 300 MW. The three plants will all be located in Mindanao, where the company plans to construct three industrial estates.
“Bawat industrial site magtatayo tayo ng power plant. Each site, may tig-300 MW na planta. If mayron need for additional requirement, magdadagdag tayo,” Ang said.
Meanwhile, Ang said Petron is expected to post P15 billion to P18 billion in net income this year, nearly triple the P6.27 billion it posted in 2015.
“We are targeting P15 billion to P18 billion in net income this year. More efficient ang oil refinery namin because we just finished upgrading it,” Ang said.
Petron intends to build more retail stations to further cement its market share in the petroleum business.