THE Philippine National Oil Co. yesterday
decided to waive its right of first refusal to the 40 percent
stake in Petron which Saudi Aramco is selling to the
London-based Ashmore Group for $550 million.
"We based our decision on a number of
factors, including the fact that the purchase of these shares by
the government runs contrary to our policy of privatizing
government stakes in corporations and letting the private sector
run commercial enterprises," Energy Secretary Angelo Reyes said
after a meeting of the PNOC board.
PNOC, which holds a 40 stake in Petron after
the latter's privatization in 1994, also opted not to transfer
the right to buy the Aramco block to a third party.
