Business World Online
Posted on March 14, 2011 11:20:38 PM
THE PHILIPPINE National Oil Co.-Exploration Corp. (PNOC-EC) has signed memoranda of understanding with a Korean company and three local firms for the construction of power plants that will use coal from its mines in Isabela and Zamboanga.
PNOC-EC President Gemiliano C. Lopez, Jr. told reporters yesterday that the so-called mine mouth plants will be built near its coal mines in Isabela and Malangas, Zamboanga Sibugay. In this system, coal from a mine is put on a conveyor belt that leads directly to the power plant.
"We have a memorandum of understanding with the Koreans and three other companies regarding the mine mouth. It can be for Isabela or in Mindanao. We are open to partnership of 50-50," said Mr. Lopez.
Mr. Lopez said the memorandum of understanding "is just a commitment for the preparation and negotiation of both parties."
"We...signed the memorandum of understanding because we are ready...in the sense that the area where the mine is located [is being prepared]," said Mr. Lopez.
He added if the agreement is finalized, PNOC-EC will be the developer and its partners will operate the power plant.
PNOC-EC is in the planning stages of both Isabela and Malangas projects.
The company said last month that it plans to develop the mine and build the 50-megawatt (MW) plant in Isabela in 2012-2015.
The project -- consisting of both the mine and the plant -- is estimated to cost around $100 million.
In comparison, the mine and the planned 100-MW plant in Malangas will cost less at P818 million.
PNOC-EC’s net income totaled P2.42 billion last year, 34% more than the P1.8 billion recorded in 2009. -- ENJD
"We have a memorandum of understanding with the Koreans and three other companies regarding the mine mouth. It can be for Isabela or in Mindanao. We are open to partnership of 50-50," said Mr. Lopez.
Mr. Lopez said the memorandum of understanding "is just a commitment for the preparation and negotiation of both parties."
"We...signed the memorandum of understanding because we are ready...in the sense that the area where the mine is located [is being prepared]," said Mr. Lopez.
He added if the agreement is finalized, PNOC-EC will be the developer and its partners will operate the power plant.
PNOC-EC is in the planning stages of both Isabela and Malangas projects.
The company said last month that it plans to develop the mine and build the 50-megawatt (MW) plant in Isabela in 2012-2015.
The project -- consisting of both the mine and the plant -- is estimated to cost around $100 million.
In comparison, the mine and the planned 100-MW plant in Malangas will cost less at P818 million.
PNOC-EC’s net income totaled P2.42 billion last year, 34% more than the P1.8 billion recorded in 2009. -- ENJD
No comments:
Post a Comment