PNOC to tap private sector for energy projects–exec

BY LENIE LECTURA – MARCH 7, 2022
from Business Mirror

The newly-elected president of the Philippine National Oil Co. (PNOC) vowed to tap the private sector and other public entities as its corporate development partners in pursuing various projects in the energy sector.

Jesus Cristino Puruganan Posadas was elected last February 23 as the new President and Chief Executive Officer (CEO) of PNOC. President Duterte approved the nomination of Posadas last February 15. He replaced former PNOC President and CEO Admiral Reuben S. Lista who passed away in August last year.

Posadas, in his speech posted on the website of PNOC, said the state firm will tap, among others, National Development Corp. and the Philippine Economic Zone Authority as its corporate development partners in filling-in strategic industry gaps. These gaps range from strategic fuel reserve, ancillary power reserve, to efficiency in government buildings.

Also, their expertise could be useful in new and emerging areas such as hydrogen, small modular reactors, and small-scale natural gas distribution for island electrification.

Posadas, a former undersecretary of the Department of Energy (DOE) prior to his appointment as PNOC head, also vowed close collaboration with the DOE, Power Sector Assets and Liabilities Management Corp., National Power Corp., National Electrification Administration, and National Transmission Corp. in areas related to PNOC and its subsidiaries, Exploration Corp. and Renewables Corp.

“It’s my time to seek your support to make things happen within the next 127 days and until our replacements have properly taken their seats. So briefly in the interest of time – the following are the urgent tasks at hand:

How PNOC can help consumers mitigate their fuel expenses; how PNOC can ensure continuity of fuel supply to vulnerable sectors; how PNOC can ensure value preservation, if not value addition to its assets: like its banked gas, its real properties, Malampaya deep water gas-to-power infrastructure that will be taken-over by the government after February 23, 2024,” Posadas said.

PNOC, in a statement, said Posadas’ expertise “brings valuable insights and experiences to the pursuit of PNOC’s mandate under the Philippine Energy Plan such as the establishment of the country’s Strategic Petroleum Reserve, in addition to the creation of business alliances for the developments in the LNG industry and other energy and energy-allied projects, and the continuous development of the company’s various assets.”