Saudi Aramco has no plans to sell its 40 per cent stake in the Philippines' largest oil refiner Petron Corp, Saudi Oil Minister Ali Al Naimi said.

Naimi, during a visit to the Philippines, made the comments after consumer groups and some local legislators asked the Philippine government to buy back Saudi Aramco's stake in Petron so it can cap domestic oil prices.
Philippine oil companies do not need government approval to raise pump prices of their oil products if crude prices shoot up in the world market or if the peso falls against the dollar.
"We are an investor and we like to continue to be a major investor in the Philippines," Naimi said after meeting with Philippine energy officials. But Naimi said Saudi Aramco was leaving the matter to the Philippine government.
"If the government of the Philippines believes buying back 40 per cent is in its interest, we don't like it, but that is the decision of a sovereign state," he said after meeting with Philippine President Gloria Macapagal Arroyo.
The Philippine government sold 40 per cent of Petron to Saudi Aramco in 1994 and a small portion to the public. It retained a 40 per cent stake in the firm.
Later at a meeting with local legislators, Naimi urged Petron to consider putting up a petrochemicals plant in the Philippines and to either expand its 180,000-barrels per day oil refinery on Luzon island or put up another refinery in Mindanao island in the southern part of the country if necessary.
Philippine House of Representatives Speaker Jose de Venecia said the possible setting up of a petrochemicals plant in the country, and a possible expansion in the refinery of Petron would boost the economy.
"Putting up a petrochemicals industry is worth about $1 billion and a similar amount for a refinery. These investments are a vote of confidence to the economy," de Venecia said.
Saudi Aramco supplies up to 90 per cent of the oil requirement of Petron.
"We are a premier supplier of crude oil in the Philippines. We want to assure the Philippines that we will be able and ready to supply oil requirements to the country," Naimi said.