[5] Subsequently, Mobil (successor of Socony-Vacuum Oil Company) also sold its share in FilOil Refinery Corporation to PNOC.

As part of the government's privatization program under President Fidel V. Ramos, PNOC sought a strategic partner that would give Petron a reliable supply of oil, plus access to state-of-the-art refining technology.

On February 3, 1994, PNOC and Aramco Overseas Co. B.V. signed a share purchase agreement that gave both an equal 40% stake in Petron Corporation.

In the same month, San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1 percent of Petron.

[12] In January 2013, Petron officially opened their Malaysian operations, rebranding all Esso and Mobil stations across Peninsular Malaysia.

[13] On November 9, 2021, SMC CEO Ramon Ang offered to sell Petron back to the government in response to calls for re-nationalization due to rising fuel costs.

These products are also sold through service stations and sales centers, and directly to industrial customers with the largest client being the power sector.

Petron opened its first fuel additives blending plant in the Asia-Pacific region at the Subic Bay Freeport Zone in November 2008.