The government has booked about P21.3 billion in non-tax revenues from the sale of its remaining stake in oil giant Petron Corp. to London-based Ashmore Group.

National Treasurer Roberto Tan confirmed Monday that they already received the proceeds from the sale of state-run Philippine National Oil Co.'s (PNOC) 40 percent interest in Petron.

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

The total valuation of the stake was P25.7 billion, but the government had to shell out P4 billion to cover PNOC's cost of investments in Petron and another P400 million for selling and advisory expenses.
 
The government owned 100 percent of Petron until 1994 when it sold its 40 percent stake to Saudi Arabia Oil Co. (Saudi Aramco) for $535 million. It then decided to list 20 percent of Petron's authorized capital stock on the Philippine Stock Exchange.
 
Ashmore, through SEA Refinery Holdings, now holds a 90.57 percent interest in Petron after the acquisition of the government's 40 percent stake, Saudi Aramco's 40 percent, and the 10.57 percent stake held by public investors.

The London-based investment firm is negotiating with food and beverage giant San Miguel Corp. for the sale of at least 50.1 percent of Petron for a total consideration of P32 billion.

For 2009, the government hopes to raise at least P20 billion as it steps up its efforts to dispose major assets, including the 120-hectare Food Terminal Inc. property in Taguig City and its 40 percent stake in PNOC-Exploration Corp.