3 firms interested to develop BGC site into energy center

By Lenie Lectura – September 13, 2018
from Business Mirror

THE Philippine National Oil Co. (PNOC) said three companies have indicated their strong interest to develop the state firm’s 5.3-hectare site in Bonifacio Global City into an energy center, which will include a so-called Tower of Power.

“There were many letters of intent, but those who were a bit complete came from three proponents. But there are certain requirements they were not also able to comply with,” PNOC Senior Vice President for Legal, Administrative and Estate Management Services Graciela Barleta said.

One is a foreign firm from China and two are local. “Proposals came from well-known architects,” the PNOC official said.

The plan is to develop PNOC’s property to include an iconic tower, similar to the Petronas structure in Malaysia. Energy Secretary Alfonso G. Cusi’s office is also located on the same property.

“The proposals we received had commercial and residential establishments and would also house the Department of Energy [DOE], the PNOC and its subsidiaries, and other energy companies that would like to locate within the energy center,”  Barleta said.

The project is currently in the planning stage, which will include a master plan for the energy complex.

“Currently, we are already doing joint meetings with potential advisors for the iconic tower project. We intend to make a joint master plan for the entire complex. For now, we are talking with the Bases Conversion and Development Authority for the requirements in putting up the iconic tower and some other consultants to help us formulate the master plan,” she said. The PNOC previously received offers from interested parties. However, the technical working group returned the proposals because these did not comply with the requirements of either the proposed joint-venture guidelines from the build-operate-transfer and the National Economic and Development Authority.

The land itself is already worth $1 billion.  “The target given to us by the DOE should be within the term of the current administration. We should start the project by next year,” the PNOC official said.