Aramco expands RP operation

Aramco expands RP operation

MANILA (AFP): The Philippine government has secured a commitment from the Saudi Arabian Oil Co. that it will expand its operations here, a presidential palace statement said Saturday.

The firm, which ranks among the world's major gas producers, owns about 40 percent of Petron Corp., the largest oil refiner in the Philippines.

Saudi Aramco president and chief executive Abdullah Juma'ah in a courtesy call to President Gloria Arroyo on Friday "indicated their intention to stay in the Philippines in the long term," the statement said.

The company pledged to "expand its operations" in the country. For her part, Arroyo told the oil executive that she hoped that Manila and the company "will have good partnership and that it will be for the consumers' welfare."

Saudi Aramco is controlled by the Saudi Arabian government and is responsible for 99 percent of the kingdom's crude and oil reserves.