Oil and refining company Petron Corporation has gained the backing of shareholders for its plan to build a coconut methyl ester plant in the Philippines, The Philippine Star reported.

In a stock exchange filing, Petron said it had received written assent for the project from stockholders representing 75.93% of the total outstanding capital stock of the company, the 12 October report said, with no objections.

Following approval from the company’s board of directors to amend its primary purpose under its articles of incorporation to include biofuels, the company would be able to build and operate a coco methyl ester plant and secure relevant permits, The Philippine Star wrote.

With a combined refining capacity of 268,000 barrels/day, Petron produces a range of fuels and petrochemicals, operates about 40 terminals in the region and has around 2,800 service stations that sell gasoline and diesel.

The company was planning to spend P10bn-P15bn/year (US$172M-US$258/year) over the next three years, with around 70% expected to be invested in the Philippines and the remaining share expected to be invested in Malaysia, the report said.