Manila Times.net
Philippine National Oil Co.-Exploration Corp. will push through with the development of its coalmines in Zamboanga.
In a disclosure to the Philippine Stock Exchange, PNOC-EC said its board cleared the development of the Lower Butong and Sta. Barbara coal projects.
“The Lower Butong development project and Sta. Barbara exploration project are being undertaken pursuant to PNOC-EC’s coal operating contract no. 41 with the Department of Energy,” the listed firm said.
PNOC-EC allocated P600 million as initial investment for the Lower Butong project and P750 million for the Sta. Barbara project.
The investments will shoulder the cost of materials, development and manpower requirements.
PNOC-EC holds interests in eight petroleum service contracts and five COCs located in various parts of the country.
The company allocated a P4.55 billion budget for the development of the said coalmines as well as its other capital projects this year.
Gemiliano Lopez, PNOC-EC chairman and chief executive officer, earlier said a 50- to 100- megawatt generating facility will be put up to use the reserves that will be drawn from the coalmines.
He said that PNOC-EC is considering a possible joint venture with other investors for the power projects, the terms of which were “under negotiation.”
PNOC-EC shares were last traded at P24 apiece on October 6, 2010.EUAN PAULO C. AÑONUEVO
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