PNOC gets payment for Petron shares, a month before deadline

MANILA, Philippines - State-led Philippine National Oil Company (PNOC) said it received payment for 40 percent of shares it held in Petron Corp., the country’s largest oil refiner, a month before its deadline. An estimated P25.687 billion was paid by SEA Refinery Corp., a wholly-owned subsidiary of the UK-based Ashmore Group. Since the government received payment “in record time," PNOC will also remit the payment to government immediately, PNOC President Antonio Cailao said. The state-led company remitted P20.912 billion to the National Treasury on Tuesday, more than a month ahead of the February 5, 2009 deadline. Last week, PNOC and UK-based Ashmore entered into a share purchase agreement, disposing government-owned Petron stock worth 3.75 billion to SEA Refinery. The disposal of Petron shares “has not ended [PNOC’s] role in the oil refining and marketing industry," Cailao said. Proceeds from the transaction will be used to fund infrastructure projects and poverty alleviation programs, ensuring continued support for the Philippines’ economic growth. - GMANews.TV