PNOC Group remits P7B to support NG efforts vs Covid-19

By Lenie Lectura -April 13, 2020
from Business Mirror

THE Philippine National Oil Co. (PNOC) Group has remitted P7 billion to the national government to support efforts to mitigate the impact of the coronavirus disease 2019 (Covid) pandemic.

The Department of Energy (DOE), whose secretary sits as ex officio Chairman of the Boards of PNOC and its subsidiaries, said Sunday afternoon that the PNOC group heeded government’s call and remitted a total of P7 billion to the National Treasury to help fund the program of the national government under Republic Act 11469.

The parent company’s Board of Directors approved the recommendation of the management to remit P5 billion of its accumulated retained earnings during a Special Board Meeting it held last week.

The share of its exploration subsidiary, PNOC-Exploration Corp. (PNOC-EC), stood at P2 billion.

“We commend and thank the PNOC Group Management and directors for this significant contribution to our fight against Covid-19,” Energy Secretary Alfonso G. Cusi said. “The energy family is united not only in ensuring unhampered energy services during this period, but also in seeking all possible ways to support the government, our frontliners, and our people.”

Moreover, the PNOC Board also pledged to donate a portion of their per diems to the procurement of much-needed protective gear and supplies for healthcare front-liners.

PNOC is a government-owned and -controlled corporation with two subsidiaries: PNOC-EC and PNOC Renewables Corp. (PNOC RC).

PNOC-EC, which is 99 percent-owned by PNOC, holds 10 percent working interest in Service Contract 38, also known as the Malampaya Deep Water Gas-to-Power Project.

PNOC RC, on the other hand, is the subsidiary charged with development of solar, hydro, waste-to-energy and other renewable energy projects.