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Petron Corporation

File:Petron.png
Type	Public Corporation
Industry	Oil and Gas
Founded	1933
Headquarters	Petron Megaplaza, Makati City, Philippines
Key people	Ramon S. Ang, Chairman and CEO
Products	Oil Natural gas Oil refining
Revenue	4.105 billion USD (2009)
Net income	99.0 million USD (2009)
Total assets	2.63 billion USD (2009)
Total equity	872.91 million USD (2009)
Employees	9,236 nationwide
Parent	San Miguel Corporation(68.26%)[1]
Website	www.petron.com

Petron Corporation (PSE: PCOR) is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country’s oil requirements.

Petron operates a refinery in Limay, Bataan, with a rated capacity of 180,000 barrels per day (29,000 m³/d). From the refinery, Petron moves their products mainly by sea to 32 depots and terminals in the country. They operate a state-of-the-art lube oil blending plant at their Pandacan Terminal, where it manufactures lubes and greases.

Petron is publicly-listed. Up until recently, the Philippine National Oil Company (PNOC) and the Aramco Overseas Company B.V. each owns a 40% share of equity, with the remaining 20% is held by close to 190,000 individual stockholders. In 2008, Saudi Aramco sold its entire stake to London-listed investment group Ashmore Group, through SEA Refinery Holdings BV. Then SEA added 11 percent more stake in Petron when Ashmore made a required tender offer to other shareholders, for a total 51 percent stake.

In December 2008, Ashmore acquired PNOC's 40 percent stake in Petron. It subsequently sold its 51 percent stake to local food and beverage giant San Miguel Corporation (SMC). Ashmore retains 40 percent. The remaining shares—about 9 percent—are held by the public.

History[link]

Petron's history dates back to September 7, 1933 when the Socony Vacuum Oil Company of New York and the Standard Oil Company of New Jersey formed the Standard Vacuum Oil Company (Stanvac). The end of the venture in the early 1960s split the marketing and refining interests of the company between Esso and Mobil.

In 1953 the government, partly to promote Claro M. Recto's national industrialization programme and partly to respond to increasing international oil prices, attempted to launch a national oil company that caters Filipino consumers with cheap oil. Thus, FilOil, the first Philippine oil company was established.

In 1973, Esso sold its business to the government which became the Philippine National Oil Company (or PNOC). Subsequently, Mobil also sold its share of the refinery to PNOC.

The oil refining and marketing units in PNOC, along with FilOil, were eventually merged to form Petrophil, which was later renamed as Petron. Today the company's industrial earnings have never seen such high gains but still trade within the average global yield. Presently, CEO Ross Arroyo leads the 18th-ranked Philippine Oil Co. within the Eastern Hemisphere.

As part of the government's privatization program, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology. The result was a partnership with the world's largest oil producer, Saudi Aramco.

On February 3, 1994, PNOC and Aramco Overseas Company BV signed a share purchase agreement that gave both a 40% stake in Petron. The remaining 20% of Petron shares were sold to the public.

On August 11, 2006, Petron responded to the biggest oil spill in the Philippines as a tanker (Solar 1) carrying fuel oil sank in Southern Guimaras. The company took the moral and social responsibility and immediately spearheaded a massive clean-up and relief operation. In less than three months, the shores of Guimaras were cleaned. At present, Petron has built a school and a Library Hub on the island and has rolled out several livelihood (seaweed farming, mariculture farming, etc.) programs on the island.

On July 2008, Petron Corp. said London-listed investment group Ashmore Group, through SEA Refinery Holdings BV, had acquired 50.57 percent of its stock.^[2] Ashmore's payment was made on December 2008.^[3]

On December 2008, San Miguel Corporation said it was in the final stages of negotiations with British investment fund Ashmore Group for an option to buy up to 50.1 percent of the latter’s stake in oil giant Petron Corp.^[4]

Products and services[link]

The company's ISO-14001-certified refinery processes crude oil into a full range of petroleum products, including LPG, gasoline, diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts and mixed xylene.

With their ISO-9000/2000-certified lube oil blending plant, they are also able to produce mechanical lubricants and grease. These products are also sold through service stations and sales centers, and directly to industrial customers.

Through their nationwide network, they supply fuel oil, diesel, and LPG to various industrial customers. Petron's largest client is in the power sector.

They also supply jet fuel at key airports to international and domestic carriers.

Through more than 1,200 service stations, they retail gasoline, diesel and kerosene to motorists and public transport operators. They also sell their LPG brand Gasul to households and other consumers through an extensive dealership network.

Petron is expanding to non-fuels businesses which include convenience store brand “Treats.” They have partnered with major fast-food chains, coffee shops, and other consumer services to give customers a one-stop full service experience. They are also putting up additional company-owned and operated service stations in strategic locations.

Petron also opened its first fuel additives blending plant in the Asia-Pacific region at the Subic Bay Freeport Zone in November 2008.

The plant has the capacity to blend 12,000 metric tons (MT) of fuel additives per year. When used in gasoline, diesel, or fuel oil, fuel additives improve efficiency, boost engine performance, and benefit the environment by reducing harmful emissions.

The facility was constructed in partnership with Innospec, a leading global fuel additives supplier, based on an agreement forged in 2006. As part of the agreement, Petron constructed and operated the plant to serve the requirements of Innospec’s customers in the region, including Petron.

Traditionally, Innospec products used in Asia have been sourced from Europe.

Petron and Innospec have been fuel-technology partners since 1995, producing premium fuel products. Beyond this partnership, Innospec said it chose Petron for its strong technical capability in blending and quality control, customer service and proven integrity when it comes to safeguarding Innospec’s proprietary formulations.

In April 2008, Petron also commissioned the country’s first petrochemical feedstock units, namely, the Petro Fluidized Catalytic Cracking (PetroFCC) unit and a Propylene Recovery Unit (PRU) at its 180,000-barrel (29,000 m³)-per-day Bataan refinery.

The PetroFCC, the first “cracking” unit of its kind in the world, converts black products (fuel oil) into higher-value LPG, gasoline, and diesel, and yields a higher level of the petrochemical feedstock propylene than typical FCC units.

The PRU further purifies the propylene so that it can be used in making various petrochemical products that are used to manufacture everyday items such as food packaging, appliances, suitcases, furniture, DVDs and even car parts.

Headquarters[link]

Located at the heart of Buendia Avenue in Makati City, the company's headquarters, the Petron Megaplaza, is a 45-storey building with floor plate area of about 15,512 square meters, which was the Philippines' tallest building before being topped by the PBCom Tower in Ayala Avenue.

References[link]

External links[link]

• Petron
• Petron Mega Plaza details

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Renaldo Balkman

Free Agent
Small forward/Power forward
Personal information
Born	(1984-07-14) July 14, 1984 (age 27) Staten Island, New York
Nationality	American / Puerto Rican
High school	Laurinburg Institute
Listed height	6 ft 8 in (2.03 m)
Listed weight	225 lb (102 kg)
Career information
College	South Carolina
NBA Draft	2006 / Round: 1 / Pick: 20th overall
Selected by the New York Knicks
Pro career	2006–present
Career history
2006–2008	New York Knicks
2008–2011	Denver Nuggets
2011–2012	New York Knicks
Career highlights and awards
Gold medal winner at Centrobasket (2010)

Renaldo Balkman (born July 14, 1984 in Staten Island, New York) is an American professional basketball player, formerly of the University of South Carolina. He is currently a free agent. He has represented the Puerto Rico national team in international competition.^[1][2] His nickname is "Taz".^[3]

High school[link]

Prior to attending Laurinburg Institute, he was at IMG Academy in Bradenton, Florida. At Laurinburg, he led his team to 40-2 record and No. 1 national prep school ranking.

College[link]

Recruitment[link]

Balkman was a little known player in high school at the Laurinburg Institute, but he was discovered in 2002 by University of South Carolina coach Dave Odom, who instantly saw his potential. According to Odom, "I remember the first time I saw Renaldo Balkman. I was sitting in Orlando in a gym with (South Carolina assistant coach) Barry Sanderson and I asked him 'who is that kid with the dreadlocks? That's the guy we need'. He came back and said nobody knows his name."^[4] Balkman was recruited and signed by Carolina, having received little to no interest from any other major basketball programs.

Playing career[link]

Balkman played an integral role in South Carolina's two wins over eventual national champion Florida during the 2005-2006 college basketball season. He was also the 2006 NIT Most Valuable Player, averaging 9.6 points, 6.3 rebounds, 1.9 assists, 1.7 steals and 1.3 blocks per game.^[5] Balkman's highlight for the season was a team-leading 28-point, 16-rebound, 4-steal performance in a 67-56 win over Alabama on February 14, 2006. He was 11 of 15 from the field and also had a team-high 2 blocks.^[6]

For the 6-foot-8 Balkman, a defensive banger whose style Knicks general manager Isiah Thomas had likened to Dennis Rodman and Ron Artest, the 2006 NIT MVP award was a fitting capper to a three-year college career that produced 7.4 points, 5.3 rebounds and a .553 shooting average.

2006 Draft[link]

The Knicks' choice of Balkman in the first round surprised many, notably ESPN's Jay Bilas, who noted that projected lottery pick Marcus Williams was still available as well as future All-Star guard Rajon Rondo. ESPN columnist Bill Simmons, among others, joked that perhaps Isiah Thomas thought he was drafting Rolando Blackman, a former Knicks player and NBA All-Star.^[7] However, other analysts praised Balkman's work ethic and attitude, as he had transformed himself from a relative unknown into a first round NBA draft pick over the course of a few months.^[8] There was further controversy when the Knicks' general manager, Isiah Thomas, claimed that the Phoenix Suns were prepared to take him; the Suns claimed that he was not even "on [their] radar". In the NBA's official draft guide, which was released to all reporters covering the draft, Balkman was not included in the list of the 300 top players eligible to be drafted in the 2006-07 rookie class. However, the Knicks selected Balkman with their first of two draft picks, which was 20th overall. The Knicks later selected Mardy Collins with the 29th pick. It has also been speculated that Thomas and the Knicks selected Balkman because his agent, Leon Rose, was also the agent of then soon-to-be free agent LeBron James.^[9]

In the Las Vegas Summer League before the 2006-2007 season, Balkman averaged 7.6 points, 4.2 rebounds, 1.8 assists, 1.4 steals, 1 block and 2.4 turnovers during the span of 5 games.^[10] He played along Knick teammates Channing Frye, David Lee, Nate Robinson and Mardy Collins.

Professional career[link]

2006–07[link]

Balkman played in 68 games during the 2006–07 NBA season, averaging 15.6 minutes, 4.9 points, and 4.3 rebounds. He logged four double-doubles and showed promise, particularly on the defensive end where he was called upon to guard multiple positions, from shooting guard to center. The press praised Balkman, describing him as a "sparkplug off the bench" and a "crowd favorite for his hustle and enthusiastic defense," though he was criticized for his poor outside shooting.^[11] Balkman also led the league's rookies in steals plus blocks per 48 minutes.

2007–08[link]

Balkman played in 65 games during the 2007-2008 NBA season, averaging fewer minutes, points, and rebounds than the year before.

2008-09[link]

On July 28, 2008, Balkman was traded to the Denver Nuggets along with cash considerations in exchange for Taurean Green, Bobby Jones, and a second round pick in the 2010 draft.^[12] The Knicks quickly waived both Green and Jones, solidifying the fact that the deal was a salary dump.^[13] Knicks coach Mike D'Antoni stated, "Renaldo really had no role after we drafted (Danilo) Gallinari, and with the emergence of Wilson Chandler his minutes would be nonexistent, so it really wasn’t fair to him to keep him in a spot that he wouldn’t play and also gives us an opportunity to clear up a roster spot and move on."^[14] Said Balkman, "I'm going to make the best of my opportunity. New York was great, but that's in my past now. Denver is my future."^[15]

2010-11[link]

On February 22, 2011, Balkman was reacquired by the New York Knicks in a blockbuster trade which also brought Carmelo Anthony, Chauncey Billups, Shelden Williams, and Anthony Carter to New York.^[16]

2011-12[link]

Balkman was released on February 17, 2012, after the Knicks signed J. R. Smith.

Puerto Rico national basketball team[link]

Medal record
Men’s basketball
Competitor for  Puerto Rico
Pan American Games
Gold	2011 Mexico	Team competition
Centrobasket
Gold	2010 Dominican Republic	Team competition
Central American and Caribbean Games
Gold	2010 Puerto Rico	Team competition

2010 Centrobasket[link]

In the 2010 Centrobasket held in the Dominican Republic, Balkman played with the Puerto Rico national basketball team. Puerto Rico won the gold medal.

2010 Central American Games (Mayaguez 2010)[link]

In the 2010 Central American games held in Mayaguez, Puerto Rico, Balkman played with the Puerto Rico national basketball team. Puerto Rico won the gold medal.

2011 Pan American Games (Guadalajara 2011)[link]

In the 2011 Pan American games held in Guadalajara, Mexico, Balkman played with the Puerto Rico national basketball team. Puerto Rico won the gold medal.

NBA career statistics[link]

Regular season[link]

Playoffs[link]

Notes[link]

External links[link]

• Renaldo Balkman at NBA.com
• Renaldo Balkman at Basketball-Reference.com
• University of South Carolina bio page