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Philippines says has no funds to buy Petron refinery
MANILA |
MANILA Oct 14 (Reuters) - The Philippine government has no available funds to buy Petron Corp's 180,000 barrels-per-day refinery which the company has proposed to sell to the government, the Energy secretary said on Friday.
"We have not said 'no'," Rene Almendras told reporters. "But we have other priorities right now."
He said the government would have to forego several school and hospital development projects to buy the refinery.
On Thursday, San Miguel Corp said it had offered Petron's refinery to the government. (Reporting by Erik dela Cruz)
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