By Lenie Lectura - January 31, 2019
THE Philippine National Oil
Co.-Exploration Corp. (PNOC-EC) recorded a net income of P1.371 billion in
2018, up 25 percent from the P1.095 billion it recorded a year ago.
PNOC-EC’s service and business
revenues last year stood at P5.169 billion, higher than the P4.38 billion
recorded in 2017.
Expenses, likewise, increased to
P2.816 billion in 2018 from P2.364 billion in 2017.
Separately, PNOC-EC issued a bid
invite for accreditation regarding its plan to purchase Euro 4 diesel or
gasoline.
“PNOC-EC, through its oil committee,
invites interested suppliers, both local and foreign, for accreditation for the
supply of Philippine Standard Euro 4 50 ppm [parts per million] gas oil or
diesel fuel,” said PNOC-EC in a bid invite.
Interested suppliers must meet the
minimum qualifications and submit the required documents on or before February
15, 2019.
Suppliers who want to be accredited
must be in the business of trading and supply of petroleum for at least two
years.
Required is a proof of minimum two
transactions of at least 30,000 metric tons (MT) of petroleum each for the last
two years.
They should also submit proof of
financial capacity, previous transactions in the supply of petroleum completed
in the last two years, company profile, among others.
Local and foreign firms are allowed
to participate.
The Department of Energy (DOE) fully
supports PNOC-EC in sourcing petroleum products, saying this move is meant
to “establish a strategic petroleum reserve [SPR] to cushion the impact of the
rising price of oil in the international market.”
Energy Secretary Alfonso G. Cusi
said the government is aware of the country’s “vulnerabilities to abrupt
changes in the international oil situation and impending threats on the same;
hence, we are formulating various strategies to address those vulnerabilities
to cushion the impact for our consumers.”
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