| By Ma. Elisa P. Osorio (The Philippine Star) Updated October 20, 2010 12:00 AM |
MANILA, Philippines - Petron Corp. has recently received tax breaks for its P11-billion solid fuel-fired power plant in Limay, Bataan.
In a statement, the Board of Investments (BOI) announced that it will be giving fiscal and non fiscal incentives to Petron for its power plant project.
The multi-billion project involves the construction, operation and maintenance of a 70 megawatt (MW) solid fuel-fired power plant. Petron will sell 39 percent of its generated electricity to the grid like Meralco and other electric cooperatives through bilateral contracts. The remaining output or 61 percent will be used for the firm’s existing Bataan Oil Refinery.
At full capacity, the plant can produce 219 MW annually which could translate to substantial savings and revenues for the company in its first year of operation.
The plant will use coal as its primary fuel and to be substituted by petroleum coke depending on the market price of both fuels. Start of commercial operation is scheduled for July 2012 with manpower requirements of 79 people. PC is controlled by the San Miguel Corp. along with Dutch-based SEA Refinery Holdings B.V.
Likewise, BOI has approved the application of Phoenix Petroleum Philippines Inc. (PPPI) for its petroleum product facility in Talisayan, Zamboanga City.
The P123 million project involves the construction and operation of a 4.9 million liters storage facility for petroleum products such as bio-diesel, gasoline, and jet fuel.
The firm will source its products from foreign oil companies and independent suppliers like Singapore Petroleum Corp., Oronite Singapore, Petronas Malaysia and Formosa Petroleum Taiwan.
It will also engage in the marketing and selling of petroleum products or fuels on wholesale basis through tankers and trucks to its own retail stations and other companies and industrial users in Mindanao specifically in Zamboanga.
The firm’s other major clients include YL Fishing, Escudero Trucking, Galactic Shipping Corp. and Metro Dizel Corp.
In a statement, the Board of Investments (BOI) announced that it will be giving fiscal and non fiscal incentives to Petron for its power plant project.
The multi-billion project involves the construction, operation and maintenance of a 70 megawatt (MW) solid fuel-fired power plant. Petron will sell 39 percent of its generated electricity to the grid like Meralco and other electric cooperatives through bilateral contracts. The remaining output or 61 percent will be used for the firm’s existing Bataan Oil Refinery.
At full capacity, the plant can produce 219 MW annually which could translate to substantial savings and revenues for the company in its first year of operation.
The plant will use coal as its primary fuel and to be substituted by petroleum coke depending on the market price of both fuels. Start of commercial operation is scheduled for July 2012 with manpower requirements of 79 people. PC is controlled by the San Miguel Corp. along with Dutch-based SEA Refinery Holdings B.V.
Likewise, BOI has approved the application of Phoenix Petroleum Philippines Inc. (PPPI) for its petroleum product facility in Talisayan, Zamboanga City.
The P123 million project involves the construction and operation of a 4.9 million liters storage facility for petroleum products such as bio-diesel, gasoline, and jet fuel.
The firm will source its products from foreign oil companies and independent suppliers like Singapore Petroleum Corp., Oronite Singapore, Petronas Malaysia and Formosa Petroleum Taiwan.
It will also engage in the marketing and selling of petroleum products or fuels on wholesale basis through tankers and trucks to its own retail stations and other companies and industrial users in Mindanao specifically in Zamboanga.
The firm’s other major clients include YL Fishing, Escudero Trucking, Galactic Shipping Corp. and Metro Dizel Corp.
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