PNOC remits P167-M dividend to government

State-owned Philippine National Oil Co. (PNOC) said yesterday it remitted P167 million to the National Government to complete the P317-million dividend which the NG is entitled to for 2001.

PNOC president Thelmo Y. Cunanan said the P317 million represents half or 50 percent of the oil company’s net income.

"Based on our income last year, we are to remit some P316 million. Being a government-owned and controlled corporation, we are mandated through Republic Act 7656 to declare cash dividends to the National Government," Cunanan said.

According to Cunanan, PNOC will be strengthening its investments this year to achieve a higher earning performance.

He said the oil firm would also be actively pursuing joint ventures in the near future to sustain higher income in the long-term.

The PNOC chief said one of the areas that would be prioritized by the company is the development of new and renewable energy sources (NREs).

"We have also committed to pursue renewable energy projects such as solar power. Our solar projects may not earn immediate profits but their impact on rural communities is immeasurable," he said.

Cunanan said he also expects some of the company’s subsidiaries to record higher earnings this year. "With Petron Corp. declaring dividends this year, PNOC projects higher income. We own 40 percent of Petron," he said.

Petron, the only oil company listed on the local stock market, reported a net income of P1.24 billion in the first half of 2002 compared to P673 million in the same period in 2001.

Aside from Petron, other subsidiaries of PNOC are: PNOC-Energy Development Corp., PNOC-Exploration Corp., PNOC-Petrochemical Development Corp., PNOC Shipping and Transport Corp., and Filoil Development and Management Corp.

EDC, so far, is one of the most profitable arms of PNOC. It owns and operates four geothermal steamfields, in Leyte, Southern Negros, Bicol and North Cotabato with an aggregate capacity of 1,149 MW. This accounts for 60 percent of the country’s total geothermal capacity.

Another PNOC subsidiary, PNOC-EC, is a member of the consortium that is developing the $4.5-billion Malampaya Gas power project. It owns 10 percent of the project.