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Manila not selling 40 pct Petron stake - energy chief

Sun Jun 15, 2008 11:17pm EDT

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MANILA, June 16 (Reuters) - The Philippines will not sell its 40 percent stake in local oil refiner Petron Corp (PCOR.PS) in a $827-million tender offer a unit of investment fund Ashmore Group (ASHM.L) launched last week, the energy secretary said on Monday.

The government wants to sell its stake in the country's largest oil firm at a premium, energy chief Angelo Reyes told reporters.

"We are better off holding to the 40 percent stake," Reyes said. "We are not taking advantage of this tender offer."

(Reporting by Karen Lema)



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