PNOC unit gets Php1.257-billion budget

State-run Philippine National Oil Co. (PNOC), the agency tasked to develop and monitor the country’s oil resources, has approved a Php1.257 billion (US$25.81 million) budget for its alternative fuels subsidiary. “The budget for 2007 covers the financing requirement for the development and establishment of the jatropha mega-nurseries,” PNOC-AFC President Peter Anthony A. Abaya said. PNOC-AFC is targeting to establish its own jatropha mega-nurseries utilizing an aggregate area of 1,000 hectares in various areas in Mindanao this year. Bulk of the approved budget amounting to Php679.96 million (US$13.96 million) is earmarked for jatropha investments, including preparations for its planned refinery. (March 1, 2007)