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Friday, March 29, 2024

Cusi eyes Chevron area as energy city

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Energy Secretary Alfonso Cusi recommended the 120-hectare property of National Development Co. in Batangas for energy development by 2021.

NDC subsidiary Batangas Land Co. Inc. owns the property which it leased to Chevron Philippines Inc. (formerly Caltex Philippines) for P0.74 per sq. m. a month, or four percent of the current monthly fair market rental estimate of P17.90 per sq. m.

This prompted the Finance Department to order the shut down of BLCI by 2021 on alleged onerous provisions in the more than four-decade contract with Chevron, which uses the property as an oil import terminal.

“What we want to do their in that place is to be the energy city also,” Cusi told reporters, as he assured no impact on oil supply once Chevron shut down the terminal.

Cusi cited a previous draft executive order to transform the BLCI property into an energy city. The directive put on hold pending the resolution of the Chevron issue.

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“We wanted that to become an energy area. We wanted to use that for LNG,” Cusi said.

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