Business | Oil & Gas

Philippines to decide on Saudi Aramco's Petron stake

The Philippines will announce on Monday whether it will buy Saudi Aramco's 40 per cent stake in oil refiner Petron Corp, the Philippine National Oil Co (PNOC) said on Friday.

  • Agencies
  • Published: 10:06 May 9, 2008
  • Gulf News

Manila: The Philippines will announce on Monday whether it will buy Saudi Aramco's 40 per cent stake in oil refiner Petron Corp, the Philippine National Oil Co (PNOC) said on Friday.

"We will meet on Monday and announce our decision that day," PNOC President Antonio Cailao said. "Nothing is final yet."

PNOC has the first option to buy the stake and has until May 12 to decide.

Petron, the Philippines' largest refining company with a network of about 1,200 service stations, is 40 per cent owned by PNOC and 40 per cent by Aramco. The rest is held by individual investors.

Saudi Aramco, state oil firm of the world's biggest oil exporter, has received an offer of $550 million for its Petron stake from London-based investment fund Ashmore Group.

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