VOL. XLIII

No. 30

24-July-2000

SAUDI ARABIA

Petron Of The Philippines Posts Loss Of $33Mn in 1999

The Philippines largest refiner and product supplier, Petron Corporation, posted a net loss of Pesos 1,333mn in 1999 ($33mn at the 1999 average exchange rate of $1=PhP40.313), registering a net income of PhP2,430mn ($60.3mn) as compared to PhP3,763mn ($93.3mn) the previous year. Petron owned since 1994 by Aramco Overseas Company (40%), Philippines National Oil Company (40%) and private investors...