Philippines: PNOC To Develop New Role
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Monday, 05 January 2009 |
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Following its exit from oil refiner and retailer Petron Corp., the
state-run Philippine National Oil Co. (PNOC) is keen on rolling out
more renewable energy projects, company president Antonio Cailao said.
“We’ve established PNOC Renewable Energy Corp. so we can focus on
renewables,” Cailao said in an interview. “That’s the right direction
to follow.” He said PNOC would keep its mandate of ensuring a stable
supply of oil for the country by being active in the upstream business
and in the refining and marketing sector. In an earlier statement,
Cailao said several local and foreign groups had approached PNOC on the
possibility of putting up another oil company that could compete with
the major players.
PetrolWorld 291208
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