THE Philippine National Oil Co.-Exploration Corp. (PNOC-EC) recorded a net income of P1.371 billion in 2018, up 25 percent from the P1.095 billion it recorded a year ago.
PNOC-EC’s service and business revenues last year stood at P5.169 billion, higher than the P4.38 billion recorded in 2017.
Expenses, likewise, increased to P2.816 billion in 2018 from P2.364 billion in 2017.
Separately, PNOC-EC issued a bid invite for accreditation regarding its plan to purchase Euro 4 diesel or gasoline.
“PNOC-EC, through its oil committee, invites interested suppliers, both local and foreign, for accreditation for the supply of Philippine Standard Euro 4 50 ppm [parts per million] gas oil or diesel fuel,” said PNOC-EC in a bid invite.
Interested suppliers must meet the minimum qualifications and submit the required documents on or before February 15, 2019.
Suppliers who want to be accredited must be in the business of trading and supply of petroleum for at least two years.
Required is a proof of minimum two transactions of at least 30,000 metric tons (MT) of petroleum each for the last two years.
They should also submit proof of financial capacity, previous transactions in the supply of petroleum completed in the last two years, company profile, among others.
Local and foreign firms are allowed to participate.
The Department of Energy (DOE) fully supports PNOC-EC in sourcing petroleum products, saying this move is meant to “establish a strategic petroleum reserve [SPR] to cushion the impact of the rising price of oil in the international market.”
Energy Secretary Alfonso G. Cusi said the government is aware of the country’s “vulnerabilities to abrupt changes in the international oil situation and impending threats on the same; hence, we are formulating various strategies to address those vulnerabilities to cushion the impact for our consumers.”
Lectura, L. (January 31, 2019). PNOC-EC net income in 2018 up 25% to P1.37 billion. Business Mirror. Retrieved from https://businessmirror.com.ph/2019/01/31/pnoc-ec-net-income-in-2018-up-25-to-p1-37-billion/