Petron Corp. wants a third-party valuation advisor to determine the rental fees for the properties that the oil company is using.
“We want a fairness valuation then we can talk,” said Petron president and chief executive Ramon Ang.
“It’s okay if they want to increase the rental payment. But how do we determine? How to price it? We need to get a third-party valuation. We can both hire. I hire or they hire, then we show it to each other,” Ang said.
Ang said he would meet with Philippine National Oil Co. president Reuben Lista next week to discuss the latter’s request for higher fees for a 4.27-hectare property in Mabini, Batangas, where the oil firm’s fuel storage and distribution terminal is located. The facility supplies the Calabarzon region.
“Should Petron fail to agree to our required rental fee, we shall exclude the site for renewal of lease agreement for bulk plants and transform the site as part of the energy hub that PNOC envisions for the ESB land,” Lista earlier said.
