(The Philippine Star) | Updated May 1, 2017 - 12:00am
MANILA, Philippines -
State-run Philippine National Oil Co. (PNOC) is seeking partners to
develop a 220-hectare energy city in its property in Limay, Bataan, its top
official said.
One possible partner is
Energy Oil and Gas Holdings Inc. owned by businessman Gregorio “Greggy”
Araneta, PNOC president Reuben Lista said.
“We invited him if he
is still interested to offer us a better offer because their previous offer was
not acceptable.
“It was not approved by
the board then so it expired already in 2016. After he wrote us, we invited him
for a dialogue so that he can present a better offer,” he said.
The Araneta firm has
been under negotiations with PNOC for the Limay Energy City since 2015,
however, the memorandum of agreement expired last year.
Of the 220 hectares,
the Araneta group only wants to develop 90 hectares.
“What they wanted was 90 hectares only, which
we could not give because what will happen to the 130 hectares that are not as
good? The whole property would lose its value,” Lista said.
Several investors have
expressed interest in developing the area but the Araneta firm was given the
first shot since there have already been previous discussions with them, the
PNOC official said.
“It is not only them
who are now interested in the area. There are already other companies which
expressed interest.
“When they found out that
their MOA expired in 2016, there are others who already showed interest,” Lista
said.
If deliberations drag
PNOC will start talking with other parties to develop the energy city as soon
as possible.
“If they don’t answer,
then we have to entertain the rest. If government is required 15 days to
respond, then we expect the same from private companies and even less
probably,” Lista said.
PNOC is now going into
coal and oil trading as it undergoes a major reorganization to transform it
from an idle company into a performing and earning government-owned or
controlled corporations (GOCC) starting 2017.
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