Business World Online
Posted on August 28, 2011 09:48:08 PM
GOVERNMENT-OWNED Philippine National Oil Co.-Exploration Corp. (PNOC-EC) plans to join auctions in October for rights over potential coal mines, an official said last week.
“We are just waiting for the official announcement from the Energy department but we are definitely interested in bidding for more areas,” PNOC-EC Chairman and Chief Executive Gemiliano C. Lopez told reporters in a chance interview.
The firm already has rights over a coal site in Zamboanga Sibugay and had said it will start the P818-million mine development this month in line with targets to start production in two years to rival the country’s largest coal miner.
The planned mine comes on top of PNOC-EC’s existing extraction projects which last year yielded 150,000 metric tons of the commodity.
Mr. Lopez said PNOC-EC has no preference in the areas it will bid on “as long as the sites are good because our advantage is that we have more than 60 engineers that can be dispatched.”
Shares in PNOC-EC’s Class A shares remained unchanged at P24 apiece while Class B shares closed flat at P59.50 apiece. -- Emilia Narni J. David
The firm already has rights over a coal site in Zamboanga Sibugay and had said it will start the P818-million mine development this month in line with targets to start production in two years to rival the country’s largest coal miner.
The planned mine comes on top of PNOC-EC’s existing extraction projects which last year yielded 150,000 metric tons of the commodity.
Mr. Lopez said PNOC-EC has no preference in the areas it will bid on “as long as the sites are good because our advantage is that we have more than 60 engineers that can be dispatched.”
Shares in PNOC-EC’s Class A shares remained unchanged at P24 apiece while Class B shares closed flat at P59.50 apiece. -- Emilia Narni J. David
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