Bloomberg News

Aquino Says ‘Not in Best Interest’ to Buy Petron Refinery

October 17, 2011

Oct. 18 (Bloomberg) -- Philippine President Benigno Aquino said it’s “not in the best interest” of the government to buy Petron Corp.’s refinery as offered by company chairman Ramon Ang last week.

Oil companies must be sensitive to consumer sentiment, Aquino told reporters when asked if Petron’s offer is an indication that oil companies are unhappy with their Philippine investments.

“I don’t think at this point in time that it is in the best interest of the government to rerun” the refinery, Aquino said. “As a general rule, it is not efficient for the government to run something that is a purely business operation.”

To contact the reporter on this story: Joel Guinto at jguinto1@bloomberg.net

To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net


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