"The position of Petron is to be prepared to comply with the CAA. We are exploring two options. We could either import the special products with specs to comply with the CAA or upgrade our facilities to meet the requirement of the law," Petron president and chief executive officer Motassim Al-Ma’ashouq told reporters Monday.
He said they should be able to determine what particular scheme they would adopt by the first quarter of 2003. "We will evaluate our options seriously. We hope to come up with a decision early next year," he said.
Ma’ashouq said they have allotted a separate investment for the upgrading of its refining facilities.
"We have another $100 million just for the upgrading of our refining plant. This is on top of the $300 million to $400 million for us to be able to comply with the CAA specifications."
Pilipinas Shell Petroleum Corp., for its part, said it is ready to comply with the CAA but at this time, it makes sense to suspend the implementation of the law. "Technically and economically, it is best that we postpone the compliance to the CAA," he said. – Donnabelle Gatdula