PNOC won't sell 40% in Petron to Gokongweis

MANILA, Philippines- State-owned Philippine National Oil Co. will not let go of its shareholdings in Petron Corp., the largest refiner in the country, despite a substantial offer for it from a local conglomerate. “We will continue to hold our 40 percent share in Petron," said PNOC president Antonio Cailao on Monday. Cailao's statement comes after the Gokongwei family's JG Summit offered to buy PNOC's shares in Petron for P24.6B or P6.50 per share. The offer is higher than the P6 per share or $550 million that London's Ashmore group is giving for Aramco Overseas Co.'s own 40 percent in Petron. PNOC, which has a right of first refusal to any offer for the Aramco shares, approved the Ashmore buy earlier on Monday. Cailao explained that even prior to the sale of Aramco’s shares, there was no plan to sell PNOC’s stake in Petron. “Before the sale of Aramco shares there was no contemplation that PNOC will sell its shares….and nothing has changed," added Cailao during a press briefing Monday after the PNOC board approved the sale of Saudi Aramco’s 40 percent shares to the Ashmore group. According to Reynaldo David, president of PNOC Development Bank of the Philippines JG Summit first expressed interest in acquiring the 40 percent stake being sold by Aramco, but decided to settle for the PNOC shares due to complicated factors and time constraints. Aside from JG Summit, David said PTT of Thailand, which earlier expressed interest to acquire the Aramco shares, may also shift its attention to the PNOC stake. - GMANews.TV