PNOC seeks US$120 million for petroleum, coal projects

The Exploration Corp. (EC) of state-owned Philippine National Oil Company, is seeking a budget of Php 5.25 billion (US$121 million) to support petroleum and coal projects. These projects include the Malampaya gas project, planned Malangas and Isabela power plants and other petroleum and coal exploration projects. The company is also planning on venturing into the Philippine’s downstream sector. This would include setting up a tank farm on the island of Luzon and distributing imported petroleum products in the domestic market. The budget asked for by EC has not yet been approved by the parent company. PNOC EC started its international oil trading business in 2009. (February 24, 2011)