VOL. XLVI

No 10

10-March-2003

SAUDI ARABIA

Philippines Government Plans Sale Of Petron Stake

The Philippines government is planning to sell its 40% stake in the countrys largest refiner and product supplier, Petron Corporation, to raise money to offset the budget deficit and expand the privatization process, according to thePhilippine Daily of 4 March. In 1994, Petron sold 60% of its share in Petron to Aramco Overseas Company (a subsidiary of Saudi Aramco) which took 40%, while the remaining 20%...