PNOC to develop properties

National Development Corp., Aidea Philippines and Udenna Corp. are in talks with state-owned Philippine National Oil Co. to develop the energy firm’s real estate assets.

NDC executives recently met with PNOC president Reuben Lista “to discuss matters of mutual business interest in the field of real estate,” the oil company said.

NDC, an attached company of the Department of Trade and Industry, was created to function as the government’s investment arm.

NDC develops, finances and implements pioneering development-oriented projects vital to the sustainability of the  government’s structural reforms and economic policies.

Aidea and Udenna officials also met with Lista and other PNOC executives to discuss  the design and construction of a proposed world-class Energy City at the Energy Center in Bonifacio Global City in Taguig City.

PNOC and the Energy Department jointly own the over five-hectare property on which will rise an iconic mixed-use office and commercial complex.

Aidea is one of the country’s top architectural design companies, while Udenna is a holding company with interests in logistics, shipping and petroleum.

Lista earlier said the planned energy center qualified as a prime site for development into a viable mixed-use development.

“To achieve maximum returns for the property, PNOC (with the DoE) may consider offering the property for a joint venture development with other parties,” he said.

PNOC is exploring the conversion of its properties in Batangas, Manila and Bataan into energy projects and other income generating ventures.

Lista said the move was part of the company’s transformation into an operating company from a pure holding one.

Lista said a technical working group had been created to draw up the manpower and other logistics requirements to operate PNOC’s Energy Supply Base land in Mabini, Batangas and convert it into a fully operational energy hub.

“The site offers PNOC the opportunity to implement its own energy projects and thus fulfill its mandate as an operating energy company,” he said.

PNOC acquired the ESB as a property dividend from Petron Corp. in 1993. It has a total land area of 19.22 hectares, including 10.55 hectares leased to PNOC Exploration Corp. Another 4.27 hectares are leased to Petron and used as bulk plant while the remaining 4.4 hectares are the hilly-eroded portion.

Lista said another property up for development into an energy hub is the former Batangas Coal Terminal property with an area of 5.3 hectares in Bauan, Batangas.

The company’s subsidiary, PNOC Exploration, turned over the property to PNOC last year.

Lista said PNOC had already initiated the master development plan for the Batangas coal property, which is adjacent to Keppel Shipyard, as possible site of PNOC’s energy project.

Lista, meanwhile, said the company planned to develop its Sta. Mesa property covering an area of 7,597 square meters along V. Mapa and Bataan Streets.

He said the project was earlier covered by a litigation and “offers PNOC the opportunity to go into joint venture to develop the site into a mixed office/commercial/residential development.”

PNOC plans to utilize the remaining areas of PNOC Alternative Fuels Corp.’s property in Bataan and looking at options on how to develop its property in Pandacan.

Topics: Philippine National Oil Co. , PNOC , National Development Corp. , Aidea Philippines , Udenna Corp. , real estate assets
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