London-based investment fund Ashmore Group, which has offered to buy into Petron, is interested in expanding the refiner’s operations. The group has offered to buy Saudi Aramco’s 40% stake in Petron for $550 million, according to Reuters.
Reuters noted that Petron is seeking investment as it considers expansion into conversion of fuel oil into high-value products and the extraction of propylene.
Nicasio Alcantara, Petron’s president, as quoted by Reuters, said: We are glad to note that our strategic transformation program, which is based on our diversification into petrochemicals, is one of the main reasons why Ashmore offered to buy Aramco’s shares.
