By Myrna M. Velasco
Leading oil firm Petron Corporation is further reinforcing its market buildup in aviation fuel, as it now caters to bulk of the needs of airline fleets in the major airports of the country.
According to Petron Chief Finance Officer (CFO) Emmanuel E. Eraña, the aviation industry is one key sector that propelled the oil firm’s market leadership last year – and it is poised to gain traction on this market segment moving forward.
“In 2019, we secured the biggest share in all of the country’s major airports – we upgraded our Jet A-1 facilities in Cebu, Manila and Iloilo,” he said during the company’s annual stockholders’ meeting, emphasizing that all those investments on upgrading had been carried out to underpin its leadership in the aviation sector.
He noted that Petron has the highest market share in major airports – at 51-percent in Clark; 69-percent at the Ninoy Aquino International Airport (NAIA); 60-percent in Cebu; and 72-percent in Davao.
Despite “the less than ideal” initial months of the year for the global oil industry because of the coronavirus pandemic that triggered collapse of international prices, Eraña indicated that the company sets forth “forward looking game plan focused on innovation and progress,” and that the oil firm remains on top of its game.
“Even as we operated within a challenging business environment, we were still able to come out strong and focused on delivering long term value. This was made possible by strategic organization changes and focused network streamlining and expansion,” Eraña stressed.
With an expansive retail network of more than 2,400 stations – of which 124 are new-builds, the company executive said such will “expand our reach allowing us to fuel more journeys and bring our products to more people nationwide.”
Just recently, the company said it began the commercial operation of its import terminal at the Phividec Industrial Estate in Tagoloan, Misamis Oriental, thus, enhancing its production distribution capability in Mindanao.