Philippines to okay sale of Petron stake to Ashmore

MANILA, May 12 (Reuters) - Philippine Finance Secretary Margarito Teves said on Monday that state-owned Philippine National Oil Co (PNOC) was likely to approve the sale of Saudi Aramco's 40 percent stake in oil refiner Petron (PCOR.PS).

PNOC also holds 40 percent of Petron and has right of first refusal.

"What I have been told is that the PNOC has decided that they will not exercise their right of refusal," Teves told reporters.

PNOC is to make an announcement later on Monday.

Aramco has said it will sell the Petron stake to London-based investment fund Ashmore Group (ASHM.L) for $500 million. (Reporting by Rosemarie Francisco; Editing by Raju Gopalakrishnan)