posted December 17, 2018 at 07:50 pm by Alena Mae S. Flores
Energy Secretary Alfonso Cusi said
he wants to abolish state-run Philippine National Oil Co. or consolidate it
with subsidiaries, given its inability to move forward with the planned
liquefied natural gas project.
“I want to abolish things that are
not performing, offices that are not performing. I told Admiral [Reuben Lista]
that maybe it would be better to close down PNOC if it is not performing,”
Cusi, who is also the ex-official chairman of PNOC, said.
PNOC is the country’s oil and gas
company whose subsidiary PNOC Exploration Corp. owns a 10-percent stake in the
Malampaya gas project. It also owns PNOC Renewables Corp. which has investments
in hydro and solar projects.
“I want to consolidate them as
one…But I want to assure that it’s not going to be as simple as that,” he said.
Cusi said he also expected to
receive criticisms for this plan which would have an impact on the employees of
PNOC.
Cusi, however, said PNOC faced
constraints as it needed to get Congressional approval for its projects,
including the government’s first LNG terminal project.
“It’s their budget and they do not
know how to use it…I told the board that if I were you if I were PNOC and I own
PNOC as a businessman, it will just build the terminal. I will decide on that.
And then I will look for partner as I go along. This is a project that is
important,” he said.
PNOC has been unable to do its
projects amid the lack of budget from Congress. Cusi said he might be forced to
integrate and merge PNOC EC and PNOC RC.
“I said, we might as well close them
because I want PNOC to be like Petronas ... That’s a GOCC [government-owned and
controlled corporation], a company that is created by law to help improve the
life of people. Now, you have the money, you don’t use it, and I’m now angry.
That is supposed to help people,” he said.
PNOC president Reuben Lista earlier
said he wanted to bring back the glory of the company by being a world-class
oil and gas firm.
PNOC has been tasked to develop the
country’s LNG hub in preparation for the depletion of the Malampaya gas field
in northwest Palawan. The company, however, has not found a prospective
partner.
PNOC is also in negotiations for the
sale of its banked gas or unutilized gas from the Malampaya gas field to
finance its LNG project.
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