PNOC president Thelmo Cunanan made this report after filing his courtesy resignation to President Arroyo.
In his letter dated May 21, Cunanan said his resignation will provide the incoming president the opportunity to form a new team that will continue the reforms spearheaded by the Arroyo administration.
Upon taking office in 2001, Cunanan was able to save the government a total of P1.2 billion in interest payments for the renewal of the three-year loan facility to finance PNOC’s participation in the Malampaya deepwater gas-to-power project.
Faced with two competing bids from Lehman Brothers and Citibank, Cunanan overruled "contrary" pressures and awarded the loan to Citibank, which gave the government the most favorable terms.
He also implemented the Solar Home Systems (SHS) project in cooperation with the Dutch government and Shell Renewable Philippines. The project intends to install 15,100 SHS units in off-grid areas nationwide. This project won the prestigious Energy Globe Award in Austria, besting entries from 98 countries for promoting energy efficiency and the use of renewable resources.
During Cunanan’s three-year stint, PNOC signed an agreement with Bronzeoak Philippines and with Talisay Bio Energy Inc. for the establishment of a 30-megawatt bagasse power plant in Talisay, Negros Occidental.
Cunanan also established cooperation with Petronas of Malaysia which led to the transfer and development of natural gas vehicle (NGV) technology and the field demonstration of ENVIRO 2000 vehicles.
He also worked out the streamlining of the PNOC Coal Corp.’s (PCC) operations with PNOC-Exploration Corp. assuming its coal trading business.
Cunanan strengthened and improved PNOC Shipping and Transport Corp.’s (PSTC) competitiveness with the acquisition of the new oil tanker M/T Antonio Luna.
He also successfully launched the GMA Abot-Kayang Pabahay at Palupa Program for PNOC’s 123-hectare property in Rosario, Cavite with the award of 675 housing units to qualified informal dwellers.