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By Efren L Danao Senior
Reporter
SEN. Mar Roxas 3rd on Monday
questioned why the government is giving a “benign” look at the
projected sale next week of Saudi-Aramco’s 40 percent share in
Petron to a British company that is not engaged in petroleum
operations.
In a privileged speech, Roxas
said that unless the Philippine National Oil Co. (PNOC) exercises
its right of first refusal, the 40-percent share of Aramco in Petron
will be sold to Ashmore Ltd. for $550 million next Monday.
Petron was fully owned by the
PNOC until the downstream oil industry was deregulated. The
government sold 40 percent of its share to Saudi Aramco for $530
million in 1994, retained 40 percent and sold 20 percent in the open
market.
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