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THE
Arroyo government is being asked to disclose the terms
of the recent sale of Saudi Aramco’s 40-percent share in
Petron Corp. to Ashmore Group Ltd., a London-based
investment company, amid concerns that oil companies are
raking in “unreasonable profits” from skyrocketing oil
prices in the world market.
Sen. Mar
Roxas pressed for full public disclosure of the
Petron-Aramco-Ashmore deal, as he insisted that oil
firms operating here should be compelled to open their
books of account to “show the public whether or not they
have been exploiting world oil prices to amass
unreasonable profits.”
In a
statement, Roxas reminded energy officials that “even
before the government considers selling its remaining
40-percent share in Petron, it must first disclose the
terms of sale of Aramco’s share to Ashmore, and its
impact on our country’s energy security.”
Roxas
recalled that when the Ramos administration sold the
government’s Petron shares to Saudi Aramco, President
Fidel Ramos justified the sale as having an “implied
guaranteed access to oil.” But with Aramco’s move to
sell Petron to a London-based hedge fund, Roxas
complained that “the oil company is now owned by a
purely financial entity without access to crude.”
He said
the Department of Energy and the Philippine National Oil
Co. should bare information relating to the new owner’s
plans, including who gained commissions from the sale,
and how its new owner, Ashmore Group LTD, plans to run
the company.
Roxas
said a thorough study by DOE and PNOC must explain how
this new arrangement would affect the energy security of
the country. “Will Ashmore split up the company,
separating the refining side from the distribution or
retail end of the business? Will it still agree to
provide discounts for our transport sector? Is it
interested in re-investing funds to build up and
strengthen Petron Corporation?” the senator asked.
“Considering that its immediate dynamic is to obtain a
quick return on investments, how then do we safeguard
our national interest?” Roxas wanted to know.
He
reminded Energy Secretary Angelo Reyes about his pledge,
made before the Senator’s trade and commerce committee
last month, to examine the books of oil companies and
submit a report to the Senate.
The DoE
signed a Memorandum of Understanding with the oil
companies, the SGV auditing firm and the University of
Asia and the Pacific, to render a report on whether the
series of oil price increases were justified. |
