PNOC-EC sets deadline for partnership offers

MANILA, Philippines -  State-run energy exploration firm PNOC-Exploration Corp. is giving potential joint venture partners for its two mine-mouth coal-fired power plant projects until Aug. 15 to submit proposals.

In a notice issued by the Lantau Group, its transaction advisor, PNOC-EC said the opening and evaluation of technical bids would be done immediately after the submission of proposals while the opening of financial bids would be on Aug. 19.

PNOC-EC would then evaluate and verify the proposals within 30 days after it notifies the highest bidder. The declaration of the winning bidder would then follow immediately, Lantau also said in its notice.

PNOC-EC, the upstream oil, gas and coal exploration and development arm of state-owned Philippine National Oil Co., announced in January that it was seeking joint venture partners to develop its two coal-fired power plant projects, one in Isabela and the other in Zamboanga Sibugay.

For the Isabela power plant, the partner will be in charge of the mine and power development component.

The Isabela power plant is intended to utilize the lignite coal within PNOC-EC’s coal concession in the area which has reserves estimated to be sufficient for a 100-megawatt station, the company said.

Furthermore, the partner is expected to operate the power station and market the generated electricity.

The proposed power project in Zamboanga Sibugay, meanwhile, will utilize the bituminous coal reserves from PNOC-EC’s Malangas coal mines, the company said.