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SAUDI Arabia’s Aramco Overseas Co. is set to sell its entire stake
in Petron Corp. to UK-listed Ashmore Group.
In a statement, state-owned Philippine National
Oil Co. (PNOC) said that it has received a notice from Aramco
indicating its desire to sell its 40 percent interest in Petron
after Ashmore, through its unit SEA Refinery Holdings, offered to
buy the entire stake for $550 million.
Ashmore is a global asset management company
listed in the London Stock Exchange with assets under management
amounting to $36.5 billion, including Philippines-related
investments.
PNOC, which also has a 40 percent stake in
Petron, said it will evaluate the terms and conditions associated
with this offer, and decide whether to exercise its right of first
offer to purchase the shares. Petron’s remaining shares are listed
in the Philippine Stock Exchange.
“We have received a notice from Aramco
regarding the proposed sale of its shares in Petron, and will
carefully evaluate this filing with the diligence and rigor
necessary and appropriate to determine the best course of action,”
Antonio M. Cailao, PNOC president, said.
Despite the impending sale of Aramco’s stake
in the company, Petron officials said that this will not affect its
operations as the Saudi firm has committed to maintain its crude
supply.
“This will not change, regardless of the
company’s ownership structure. In the meantime, we will continue
to focus on initiatives to sustain our growth momentum and deliver
the best value to our stakeholders,” Nicasio I. Alcantara, Petron
chairman, said.
Since 2002, Petron’s net income has more than
doubled from P2.92 billion to P6.01 billion in 2006. Its share price
reflected this robust growth, rising from an average of P1.68 per
share in 2002 to P5.35 last year.
The country’s largest oil refiner recently
inaugurated its Petro Fluidized Catalytic Cracker and Propylene
Recovery Unit facilities, which will allow it to convert black
products to more high-value white products such as liquefied
petroleum gas, gasoline, diesel, among others.
Petron’s shares closed lower Friday at P6.00
from P6.10 previously.
-- Euan Paolo C. Ańonuevo
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