Aramco receives $550m bid for its Petron stake

14 March 2008 09:49  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi Aramco has received a $550m offer for its 40% stake in Filipino oil refining firm Petron from SEA Refinery, a company owned by UK-based asset management group Ashmore, Petron said on Friday.

Ashmore has offered to purchase nearly 3.75bn Petron shares from Saudi Aramco at 15 cents/share.

"We have had a strong and very positive relationship with AOC [Aramco Overseas Company] over the past 14 years, and we look forward to continuing our relationship commercially under Saudi Aramco’s commitment to maintain crude oil supply," Petron’s chairman and chief executive Nicasio Alcantara said.

Despite the change in ownership Petron would continue to focus on its bottomline and growth initiatives, he added.

Petron is the largest oil refining firm in the Philippines with an output capacity of 180,000 bbl/day and it supplies nearly 40% of the country’s total fuel requirements. 

By: Serene Cheong
+65 6780 4359

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