PNOC remits P613M to NG

The state-run Philippine National Oil Co. (PNOC) has remitted to the National Government a cash dividend of P613 million out of its net income for 2004.

"We have remitted to the Bureau of Treasury on April 28 the amount of P306,354,118 representing half of the dividend declared, and we have remitted the balance of P306,645,931 yesterday," said PNOC president Eduardo V. Mañalac.

As a government corporation, PNOC is mandated to declare 50 percent of its income as cash dividend to the National Government.

Mañalac said that to ensure the company’s profitability, it will continue rationalizing operations and implement measures to keep costs down. Currently, the company is pursuing joint ventures for its various renewable energy projects like mini-hydropower plants, solar home systems, and bagasse co-generation project.

It expects to complete the installation of 15,100 units of solar homesystems in different parts of the country that are not serviced by power grids.

PNOC said its five operating subsidiaries are all performing well. These are the PNOC-Energy Development Corp. (PNOC-EDC), the PNOC Exploration Corp. (PNOC-EC), the PNOC Development & Management Corp. (PDMC), the PNOC Shipping and Transport Corp. (PSTC) and the PNOC Petrochemical Development Corp. (PDMC).

PNOC-EC is currently negotiating with the Malampaya consortium led by Shell Exploration Phils. B.V. and Chevron-Texaco for the development of the oil rim within its gas field in northwest Palawan.

Recently, the DOE awarded coal operating contracts (COC) 140 to PNOC-EC to explore three blocks, equivalent to 3,000 hectares in Cagwait Surigao del Norte.

PNOC-EC was also granted under COC 141 the contract to explore coal deposits in three blocks in Naguilan and Benito Soliven towns in Isabela.