This means that PNOC will invoke its right to match the terms of the consummated Ashmore-Aramco deal.

Reports from overseas indicated that the transaction on the Aramco shares acquisition has already been signed by the parties. Ashmore will have to pay its quoted purchase price in two installments.

"We will study the matter whether or not to exercise right of first refusal. It means that the Aramco-Ashmore deal though signed is still conditional," PNOC president Antonio M. Cailao said. Petron chairman Nicasio I. Alcantara, on the other hand, said that they "already had some informal discussions with representatives of Ashmore."

From initial indications, he noted that "they (Ashmore group) will definitely support our further expansion into the petrochemicals business," referring to the $ 1.5-billion investment which the company plans from 2009 to 2014.

Energy Secretary Angelo T. Reyes added that the government will still "have to study its options." PNOC and DoE officials noted the 60-day leeway for government to match the offer stays even if the two parties already signed an agreement on the equity acquisition.

In fact, the energy chief has just apprised media that they would need to tap a third party to undertake valuation of the shares sold to ascertain if PNOC would be getting a good deal.

The government has been looking at various options, including the right to match or assign the shares to a preferred buyer, although industry watchers deem that the deal with Ashmore thrives a better option.

Attempts at re-nationalizing Petron in case government explores the option of re-purchasing the Aramco shares is being frowned upon by industry stakeholders, as they opined that this goes against the government’s policy of deregulating the downstream oil industry.