VOL. XLII

No 40

4-October-1999

SAUDI ARABIA

Petron Of The Philippines Declares Net Income Of $91.75Mn In1998

Petron Corporation of the Philippines the countrys majorrefiner, which is a public shareholding company owned 40% by the PhilippineNational Oil Company, 40% by Saudi Aramco, and 20% by local private investors has announced a dramatic turn-around in its 1998 net income amounting to P3,719million ($91.7mn at the 1998 average exchange rate of 1$= 40.55 Pesos), ascompared to the P631mn...