PNOC-EC mulls retail gasoline venture

State-run Philippine National Oil Co.-Exploration Corp. (PNOC-EC) said it is planning to set up retail gasoline stations in order to better control oil prices in the country. According to PNOC-EC Chairman Jacinto Paras, the company’s initial plan was to import finished products for their retail stations, while they study eventual prospects of putting up a refinery or stockpiling facility. A national oil company (NOC), he said, will enable the government to influence market pricing. However, Paras said the government is facing funding problems and will go on studying other aspects of the market it may venture into, such as oil importation. The volume that PNOC-EC will source from overseas suppliers may also provide a buffer for the country’s future requirements, he added. (June 29, 2009)