The amendment allows the company to construct and operate a coco-methyl ester plant and secure relevant permits. Petron said the CME plant will eliminate dependence on third-party suppliers and provide higher margins for diesel. Last month, the company announced plans to raise as much as P50 billion from the issuance of preferred shares as the company turns its focus on growing its operations with full recovery now within reach. Petron in 2022 achieved a second straight year of growth despite navigating a still volatile industry environment. Petron ended the year with a net income of P6.7 billion, up nine percent from P6.1 billion recorded in the previous year.