Petron seeks to stop property sale

Petron Corp., the Philippines’ largest oil refiner by capacity and sales, said it filed a motion to stop the province of Bataan from selling some of its properties to recoup some Php1.7 billion (US$38.9 million) in taxes. The companys refinery, which supplies more than a third of the country’s oil needs, is located in Bataan. It is unclear how a possible sale would affect Petron’s operations. The Philippine government and Saudi Aramco each own 40% stake in the company, while the public holds the remaining shares. (October 15, 2007)