Petron said it was a temporary decision to close its loss-making 180,000 barrels a day refinery and it will reopen as market circumstances improve.
The closure would leave the Philippines entirely dependent on imports, with Shell in August permanently shutting down its 110,000 barrels per day Batangas refinery.
According to Braemar ACM results, oil demand in the Philippines in 2019 was around 460,000 barrels per day.
Maritime Business World