(The Philippine Star) | Updated June 22, 2017 - 12:00am
MANILA, Philippines -
State-run Philippine National Oil Co. (PNOC) is seeking new offers for
the development of its 220-hectare Bataan property into an energy hub after
terminating talks with camp of businessman Gregorio Araneta III.
The table is now open
for new and better proposals to develop the Bataan property, PNOC president
Reuben Lista said in an interview.
He said PNOC has
rejected the proposal of Araneta-led Energy Oil and Gas Holdings Inc. (EOGHI)
since it was “way below the fair rental value.”
In a letter sent to the
Araneta camp last June 13, the PNOC board said the latest offer remains
unacceptable even after it entertained negotiations when theiur memorandum of
agreement (MOA) expired in June 2015.
“PNOC-PAFC Industrial
Park will now be open for applications to locate/lease subject to applicable
laws and regulations for the same,” the PNOC chief said.
But Lista said the
Araneta camp may still submit a new offer along with other interested parties.
“EOGHI may submit a new
proposal, which will be evaluated in the same footing with other applications,”
he said.
The 220-hectare Bataan
industrial park, originally under PNOC-Alternative Fuels Corp. (PAFC) which was
dissolved in 2014, houses petrochemical and petrochemical-related industries.
In 2013, Republic Act
10516 was signed into law, maximizing the economic use of the industrial park
to accommodate businesses engaged in energy and related infrastructure projects
and other economic activities.
Earlier, Lista said
several investors have expressed interest in developing the area but the
Araneta firm was given first crack since there have already been previous
discussions with them.
PNOC is currently
transforming itself from an idle company into a performing and earning
government-owned or controlled corporation (GOCC), with major projects in the
pipeline.
With Energy Secretary
Alfonso Cusi, PNOC started undertaking all energy-related businesses and
operations outside the mandate of its subsidiaries, PNOC-Exploration Corp.
(PNOC-EC) and PNOC-Renewables Corp. (PNOC-RC), such as coal and oil trading.
It is also
re-developing its major land assets in Bonifacio Global City in Taguig City,
Bataan and Batangas into various energy centers to boost its cashflow.
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