Aramco Overseas BV, a subsidiary of Saudi Aramco, has sold its 40 percent shares in the Philippine oil company Petron Corp. to a London-based investment fund Ashmore Group, local media reported Wednesday.
According to a report on the website of ABS-CBN News network, the deal was clinched at 550 million U.S. dollars, including a payment of 200 million dollars at the closing and another payment of 350 million dollars within 12 months.
The shares transfer from Aramco to Ashmore will be reviewed by state-owned Philippine National Oil Co., which holds 40 percent of Petron shares. The remaining 20 percent is held by the public.
Petron chairman Nicasio I. Alcantara earlier said the planned transfer was a positive development and would help the company move forward. The Ashmore Group has assets under management amounting to almost 40 billion.
Petron Corporation, the biggest oil refinery in the Philippines, was a wholly state-owned company before it privatized in 1994. It has a network of 1,200 service stations.
According to a report on the website of ABS-CBN News network, the deal was clinched at 550 million U.S. dollars, including a payment of 200 million dollars at the closing and another payment of 350 million dollars within 12 months.
The shares transfer from Aramco to Ashmore will be reviewed by state-owned Philippine National Oil Co., which holds 40 percent of Petron shares. The remaining 20 percent is held by the public.
Petron chairman Nicasio I. Alcantara earlier said the planned transfer was a positive development and would help the company move forward. The Ashmore Group has assets under management amounting to almost 40 billion.
Petron Corporation, the biggest oil refinery in the Philippines, was a wholly state-owned company before it privatized in 1994. It has a network of 1,200 service stations.
