Philippine Govt to mull sale of balance 40% stake in Petron

14-Apr-08
The Philippine Government is to shortly arrive at a decision regarding its 40% stake in Petron Corp., held through Philippine National Oil Co. The Government is considering to let go of it by bidding it out to private entities, and will arrive at a decision in the second half of the year. The possibility of divestment is on the cards, but no decision either way had been made yet. The government, through PNOC, has tapped the state-owned Development Bank of the Philippines and ING to serve as its financial advisers with regard to the Ashmore Group's proposal to acquire Aramco Overseas Co.'s 40% stake in Petron. PNOC has 60 days until May 12, when it received notice from Aramco of Ashmore's purchase offer, to exercise its right of first refusal. Employing services of financial advisers for the deal is not an indication that the government will deviate from its privatization strategy and move toward the re-nationalization of Petron.
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