Petron was a state-owned company until 1994 when Aramco and the Philippine government entered into an agreement
Saudi Arabia's leading oil producer Aramco is selling 40% stake in the largest oil refiner in the Philippines to London-based Ashmore investment group, due to a change in the company's "business focus."
According to the Philippines' Petron, Ashmore offered to buy Saudi Aramco's shares for 550 million dollars.
"The decision by Ashmore to purchase the shares of Petron Corp ... is both a validation of the very successful privatization of an important Philippine company and a vote of confidence in Petron," she added.
Petron was a state-owned company until 1994 when Aramco and the Philippine government entered into an agreement to each own 40 per cent of the firm as part of a privatization programme. The other 20 per cent was sold to the public.