State-firm Philippine National Oil Co. (PNOC) hopes to strike a deal to sell an estimated $650 million worth of “banked” natural gas from Malampaya in Palawan, considering that funds are needed to support the government’s response to the COVID-19 pandemic.
“We had not been rushing to sell the banked gas, but now we want it [unloaded] immediately because the Filipino people need the funds,” PNOC president Reuben Lista told the Inquirer in a telephone interview.
The asset in question refers to the accumulated unused gas of the 1,200-megawatt Ilijan power plant in Batangas, owned by Power Sector Asset and Liabilities Management (Psalm) Corp. and being operated and managed by the San M…
Keep on reading: PNOC eyes sale of ‘banked’ Malampaya gas