By Jason Joshua Garcia
Petron Corporation is selling its 140-mega Watt solid-fired power plant in Limay, Bataan to SMC Powergen Inc., a statement from San Miguel Corporation (SMC) confirmed Tuesday, September 10.
The power plant supplies the electricity requirements of Petron’s oil refinery in Bataan which produces 180,000 barrels a day.
It was learned that Petron has already signed a memorandum of understanding (MoU) for the sale of its power plant with SMC Powergen Inc., a subsidiary of SMC Global Power Holdings Corp.
Executives who signed the MOU were Petron SVP and CFO Emmanuel E. Eraña, Petron General Manager Lubin B. Nepomuceno, SMC Powergen General Manager Elenita D. Go, and SMC Powergen Director Ferdinand K. Constantino.
“Under the MOU, SMC Global Power will conduct a preliminary review of the power plant and its operations over a six-month period to determine the feasibility of a possible acquisition,” the SMC statement said.