The main goal, according to Petron president Khalid D. Al-Faddagh, is to make sure that prospects for expansion "will make economic sense."

He added that the company already had past studies, but they are making some rounds of updating as a way of assessing whether it would be feasible to plunge into that proposed oil refinery in Mindanao or just expand the capacity of their existing Bataan facility.

"Our timetable for the feasibility study would be to complete it in a couple of months...probably after three months, there’s a lot of inputs," Al Faddagh stressed.

Apart from the petrochemical production integrated upgrading of its Bataan refinery, Petron indicated that it is keen on investing more to step-up its facility’s oil outputs.

The company is currently embarking on a 0-million refinery revamping; primarily intended for higher petrochemical yields because that is where it sees some opportunities thriving.

It’s refinery’s current capacity for petroleum products is 180,000 barrels per stream day; but if demand commands higher supply in the market, company officials said that should serve as a signal for new round of investments.

Last year though, given the surging global oil prices, the Department of Energy (DoE) reported an 8.0 percent contraction in demand; thus, even Petron’s refinery output has been constrained at 140,000 barrels per day.

The government has been enticing fresh investment inflow in a new refining facility that may meet a capacity of at least 100,000 barrels per day. For this, it has been partly banking on prospects that either Petron or Pilipinas Shell Petroleum Corporation will expand their current capacities.

Shell, for its part, has always been open that it shall wait for the go-signal of its parent firm, Royal Dutch Shell Group, on the fate of its local refinery.

The decision is expected due by the end of this year.

If it secures a favorable outcome from principals, Shell also plans an expansion, as the next phase of its facility upgrading after setting in configurations to meet the quality of products prescribed under the Clean Air Act.

While investment blueprints are being mapped up, constant appeal is being lodged into government’s attention to set in place viable incentives that would encourage fresh capital inflows for such vital component of the oil industry.