Business World Online
Posted on July 13, 2011 09:38:06 PM
STATE-OWNED Philippine National Oil Co.- Exploration Corp. (PNOC-EC) has decided to invest P1.3 billion to extract coal from two sites in Zamboanga Sibugay, a disclosure filed with the local bourse yesterday showed.
“The board approved the recommendation to implement the Lower Butong development project and the Sta. Barbara exploration project,” the company said in its disclosure.
The figure is broken down as P600 million which will be put into the Lower Butong project and P750 million for the Sta. Barbara project.
Both developments are located in PNOC-EC’s coal service contract 41 in Zamboanga Sibugay.
The company said the investment is “subject to management’s submission of the program of work, cost details and other pertinent operational details at the next meeting of the board of directors.”
PNOC-EC earlier said it is open to partnering with other companies to use coal from the Zamboanga Sibugay projects for power plants.
The company also announced a cash dividend of P2 billion to stockholders to be paid out on July 28.
PNOC-EC reported a net income of P680.9 million for the first quarter of the year, up 259% from P189.5 million in the same period last year.
PNOC-EC’s Class A shares, or shares that can be bought only by Filipinos, closed flat at P24 apiece while Class B shares, which can be bought by Filipinos and foreign investors, remained unchanged at P57 a piece. -- ENJD
The figure is broken down as P600 million which will be put into the Lower Butong project and P750 million for the Sta. Barbara project.
Both developments are located in PNOC-EC’s coal service contract 41 in Zamboanga Sibugay.
The company said the investment is “subject to management’s submission of the program of work, cost details and other pertinent operational details at the next meeting of the board of directors.”
PNOC-EC earlier said it is open to partnering with other companies to use coal from the Zamboanga Sibugay projects for power plants.
The company also announced a cash dividend of P2 billion to stockholders to be paid out on July 28.
PNOC-EC reported a net income of P680.9 million for the first quarter of the year, up 259% from P189.5 million in the same period last year.
PNOC-EC’s Class A shares, or shares that can be bought only by Filipinos, closed flat at P24 apiece while Class B shares, which can be bought by Filipinos and foreign investors, remained unchanged at P57 a piece. -- ENJD
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