Tuesday, November 21, 2017

Oil companies cut prices at pumps



By Lenie Lectura- November 20, 2017

AFTER five consecutive weeks of oil-price hikes, four companies announced on Monday a reduction in their respective products that will take effect at 6 a.m. on Tuesday.
Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said there would be a fuel-price rollback of P0.50 per liter for gasoline, P0.35 per liter for kerosene and P0.15 per liter for diesel. Phoenix Petroleum Philippines Inc. and Eastern Petroleum Corp. will also implement a price rollback in gasoline and diesel at the same amount.
“This [rollback] is to reflect movements in the international petroleum market,” Seaoil said.
Other oil firms are expected to follow suit.
For the past five weeks the price of gasoline was raised five times, totaling P2.95 per liter. Diesel and kerosene prices also increased for the past four weeks to P1.75 per liter and P2.70 per liter, respectively. Local oil firms adjust their prices on a weekly basis to reflect prices of imported oil products that arrive in the country. The oil companies said it takes about a week to bring their products to the market from the time they import the products.

Ban on open pit mining remains — Palace



By: Nestor Corrales - 02:42 PM November 20, 2017

The ban on open pit mining in the Philippines remains even after the interagency Mining Industry Coordinating Council (MICC) voted to reverse the policy, a Palace official said on Monday.
“I assure you that this is one of the instances when I personally asked the President if there’s been a change in policy and he says, that there is still no new policy on this, there is still a ban on new open pit mining,” Presidential Spokesperson Harry Roque said in a Place briefing.
Environment Secretary Roy Cimatu had earlier told reporters that the Department of Environment and Natural Resources (DENR) would issue a DAO (DENR Administrative Order) restoring open-pit mining operations.
 “A majority of the MICC members voted to recommend a change in the policy of the Department of Environment and Natural Resources with regard to DAO 2017-10, particularly, that the DENR lift the ban on open-pit mining provided that mining laws, rules and regulations are strictly enforced,” Cimatu said.
Cimatu co-chairs the Cabinet-level, interagency MICC together with Finance Secretary Carlos Dominguez III.
In April, former environment secretary Regina “Gina” Lopez issued DAO 2017-10 that imposed a ban on the open-pit method of mining

AboitizPower widens RE portfolio, with hydro projects



Published By Madelaine B. Miraflor

Aboitiz Power Corporation (AboitizPower), the subsidiary of listed conglomerate Aboitiz Equity Ventures, is continuously expanding its renewable energy (RE) portfolio in the country as it ramps up the development of all its hydropower projects.
A statement showed that the capacity of AboitizPower’s hydro projects that are now in advanced developments already stood around 97 megawatts.
AboitizPower President and Chief Operating Officer Antonio Moraza said that the company’s continued expansion of its RE portfolio is in line with its balanced mix growth strategy.
“We never stop looking for ways to maximize productions from our RE facilities because we know the role it plays in our overall strategy,” Moraza said.
Moraza also added that apart from new RE businesses, the company also explores innovative ways to maximize clean and renewable energy sources.
As of now, AboitizPower and its partners currently have a total of 787-MW capacity from hydropower generation facilities, which make up 62 percent of its total 1,263-MW RE capacity.
The company also owns the 4th and the 7th largest geothermal power plants in the world, which are the 448-MW Makban Geothermal Power Plant in Laguna and Batangas, and the 234-MW Tiwi Geothermal Power Plant in Albay, respectively.
In 2016, AboitizPower also launched its first venture into solar power in Negros.
“If we can maximize the potential to produce more energy from an existing resource, we will do it, and that is what we did with Maris, as well as the binary plant in Makban, and soon in Bineng. And our teams will continue to look at these opportunities, as well as new greenfield renewable projects wherever they are available and viable,” Moraza said.
Just recently, AboitizPower’s subsidiary, SN AboitizPower, has completed the commissioning of its 8.5-MW Maris Main Canal 1 hydroelectric power plant as it gears toward full commercial operation this November.