According to a Caltex (Philippines) Inc spokesperson, "These [market] conditions require cost efficiencies only available in refineries with greater scale and modern technology. There also continues to be overcapacity in the market and this is expected to continue to depress refining margins."
The spokesperson confirmed that around US$13.6 million dollars would be spent in converting the 72,000-barrels-per-day refinery into a product terminal that can store around 2.7 million barrels. The refurbishment is expected to complete by the end of the year.
