PNOC to sell stake by December

The board of directors of state-run Philippine National Oil Co. (PNOC) approved the sale of its remaining stake in Petron Corp. and a portion of its interest in its exploration arm that could raise at least Php41 billion (US$873.76 million) for the national coffers. Petron and PNOC Exploration Corp. (PNOC-EC) will be sold on or before December 30 this year,” Finance Secretary Margarito Teves said. The government is selling its 40% stake in Petron and 40% stake in PNOC-EC. Teves said the proceeds from the sale of both assets would make up forthe deferment of the sale of the sprawling 120-hectare property of Food Terminal Inc. in Taguig City worth Php15 billion (US$319.7 million) and the government’s remaining real estate property in Tokyo, Japan, valued at Php3 billion (US$63.9 million). Taipan John Gokongwei, through JG Summit Holdings, earlier offered to buy the government’s stake in Petron for Php24.6 billion (US$524.3 million) while Thailand’s largest oil refiner PTT expressed interest in the shareholdings as well. (September 2/4, 2008)