By Lawrence Agcaoili

The government booked about P21.3 billion in proceeds from the sale of its 40 percent stake in Petron Corp. to London-based Ashmore Group, National Treasurer Roberto Tan said yesterday.

?Yes. The proceeds will augment revenues of government for whole of 2008 and helped in achievement of fiscal targets,? said Tan.

Earlier, Finance Undersecretary Jeremias Paul Jr. said the government would book about P21.3 billion from the sale after deducting P4.4 billion from the total price of P25.7 billion to cover the costs of the sale.

The government shelled out P4 billion to cover the cost of investments of Philippine National Oil Co., the state-run company that owned 40 percent of Petron, and another P400 million for expenses and fee of the financial advisors of the sale.

Officials said Ashmore remitted the full payment on Dec. 23. Ashmore sent a communication to the government on Dec. 5 exercising its right of first offer over the 3.75 billion Petron shares at P6.85 per share.

The government used to own 100 percent of Petron until it sold its 40 percent stake to Saudi Arabia Oil Co. for $535 million in 1994. Petron went public in the same year to trim government?s control by another 20 percent.

Ashmore, through SEA Refinery Holdings, initially had a 50.57 percent stake in Petron after acquiring the 40 percent interest of Saudi Aramco early this year for $550 million and another 10.57 percent interest after completing a tender offer.

Ashmore now controls 90.57 percent of Petron and is negotiating with San Miguel Corp. to sell at least 50.1 percent of the oil refiner for P32 billion.