MANILA - Top Philippines oil refiner Petron Corp said yesterday it signed a 10-year contract to build and operate a $2.5-million fuel blending plant.

Owned by US-listed Innospec Inc the blending plant would provide fuel additives for Innospec's customers in the Asia-Pacific region, a Petron statement said.

Petron is guaranteed as Innospec's exclusive fuel blender in the region over the next 10 years, Petron said. Previously, Innospec products in Southeast Asia had been supplied by Europe.

"The market for fuel additives in Southeast Asia is already huge, and this strategic partnership with Petron could help us jointly open significant new markets such as China and India," Innospec president and chief executive Paul Jennings said in the statement.*AFP

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