MANILA, Philippines — Petron Corp. is expecting to see lesser losses in the second half, but emphasized that it cannot regain incurred losses in the first six months. “Much less,” Petron president and chief executive officer Ramon Ang said when asked about the firm’s potential losses in the second half. This is significantly lower than the P2.6 billion net income it registered in the same period a year ago. Petron attributed the losses to the slump in demand, poor refining margins and collapse in oil prices. A unit of credit watchdog Fitch Ratings earlier said the potential closure of the Petron refinery would leave the Philippines fully dependent on imports for its fuel needs.

Source: Philippine Star November 01, 2020 15:56 UTC