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Friday, March 29, 2024

PNOC changes functions

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Philippine National Oil Co. is transforming itself from a holding into an operating company by taking over some functions of unit PNOC Exploration Corp. such as oil and coal trading.

“PNOC has always been a holding [company]. They have been happy with their investments. They invest their equity of almost P8 billion in the bank. They make something like P144 million a year. They also get something from Malampaya, and from the rentals of their properties,” PNOC president Reuben Lista told reporters.

Lista, however, said that with the reorganization of PNOC and the recent Governance Commission opinion, “we can now operate.”

“We have changed that. With the leadership of Energy Secretary [Alfonso] Cusi that we are one Energy family and we will operate as one all the time. We in PNOC, PNOC EC, one of our subsidiaries will concentrate on exploration because that’s its mandate,” he said.

Lista, in a memorandum to PNOC board dated Dec. 13, thanked PNOC Exploration president Pedro Aquino Jr.  for his “conformity  to the transfer/turnover of the administration of the PNOC Energy supply base in Mabini, Batangas and the oil and coal trading operations.”

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Lista said Aquino also agreed to PNOC’s request for the PNOC Exploration personnel assigned to the mentioned functions “to train and transfer the necessary expertise to the PNOC personnel.”

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