Aramco yet to finalise 40pc Petron stake sale.HONG KONG Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. : Saudi Aramco Saudi Aramco, the state-owned national oil company of Saudi Arabia, is the largest oil corporation in the world and the world's largest in terms of proven crude oil reserves and production. has yet to finalise the 40 per cent sale of its stake in Philippine oil refiner Petron Corporation Petron Corporation is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country’s oil requirements. The world-class products and quality services fuel the lives of millions of Filipinos. to London-based investment fund Ashmore Group, an Aramco spokesman said yesterday. Aramco has informed the Philippines National Oil Company (PNOC PNOC Philippine National Oil Company PNOC Particulates Not Otherwise Classified PNOC Proposed Notice Of Change ) of its intention to sell the Petron stake to Ashmore, but has yet to hear back from PNOC, the spokesman for Aramco Overseas Company (AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) said. PNOC has first option to buy the stake, and has 60 days in which to decide whether or not to exercise the option, he said. "This transaction is by no means complete," he said. "We have submitted our final notice to PNOC of our desire to sell the stake in Petron and await their response." Earlier yesterday, a report stated that the stake, valued at $550 million, had been sold. Payment for the stake would be made in two instalments, the first of $200m when the deal is closed and the remaining $350m within 12 months. Citigroup advised AOC, a subsidiary of Saudi Aramco, on the deal. Aramco bought the Petron stake when it was privatised in 1994. It has said its divestment divestment to strip one's investment from an entity. from the Philippines would allow it to focus on its $50 billion domestic energy expansion programme and on international expansion in markets with the potential for significant future growth in oil consumption. Copyright [c] 2008 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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