PNOC approves transfer of 40% Petron stake

12 May 2008 10:07  [Source: ICIS news]

SINGAPORE (ICIS News)--Philippine National Oil Company (PNOC) has given the green light for the transfer of Saudi Armaco’s 40% stake in Petron to UK-based investment firm Ashmore, the company said on Monday.

 

“The transfer of shares to an investor that has interests in the oil and gas sector in other parts of the world and who has shown an investment commitment to the Philippines over more than 13 years and one that already has significant shareholdings in our country was for the country’s best interest,” PNOC president Antonio Cailao said.

 

Industry sources believed the amount Ashmore was paying for the stake was about $500m.

 

JP Morgan and Gokongweis had also bid for the 40% stake but were rejected by PNOC. 

 

After the deal is completed, PNOC and Ashmore will each hold 40% of shares in Petron, while the remaining 20% will be publicly traded on the Philippine stock exchange.

 

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. 

 

For more discussion on the chemicals industry visit ICIS connect

 

By: Brian Myung
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