Reference no: EM133072493
On October 13, 2014, the following information from an article titled, "Petron completes $2-B refinery upgrade: Firm doubling production capacity" was posted on Business.inquirer.net (Date Accessed: March 11, 2015):
Dubbed as Refinery Expansion Project (RMP-2), this project started in 2011. "With the upgrade, Petron said it would significantly increase production. Its gasoline production alone is projected to double from the current 18,0000 barrels per day to 36,000 barrels per day."
In the same article, Mr. Ramon Ang, the president of Petron also made the following statements:
"For Petron, this means increasing our revenues while improving profitability," Ang said. "With increased production, Petron will enhance the country's supply security and further lessen its dependence on higher-costing imported fuel products. We will also be the only oil company capable of locally producing more efficient and environment-friendly fuels that meet or exceed global standards."
Question: What do you think will be the effects of this project on the long-term profits of Petron Corporation? What do you think will be the possible effects of this news on the share price of Petron Corporation?
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