PNOC to expand investments in renewables

State-run Philippine National Oil Co. (PNOC), having unloaded some assets through privatization, is expanding into renewable energy investments. PNOC said it is thinking of constructing 20 to 30 megawatt (MW)-capacity hydropower facilities in the north of Luzon, which will be complemented by ventures into other renewable energy projects on wind, geothermal, ocean and biomass sources. Meanwhile, oil retailer and refiner Petron Corp. also disclosed that its board has decided to venture into the electricity business. (February 28, 2009)