Middle East Economic Survey

VOL. XLVIII

No 13

28-March-2005

SAUDI ARABIA

Naimi Says Saudi Aramco To Retain Petron Stake

Saudi Oil Minister Ali Naimi said in Manila on 21 March that Saudi Aramco had no intention of selling its 40% stake in Petron, the largest oil refiner in the Philippines. He was responding to calls from legislators and consumer groups there for the Philippines government to buy back the Saudi Aramco share in Petron with a view to capping domestic oil prices. Speaking after meeting...