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Thursday, 30 July 09
PNOC FORGES JOINT VENTURES AS STEPS UP COAL OPERATIONS


The Philippine National Oil Co.-Exploration Corp. has entered joint venture agreements with food and beverage conglomerate San Miguel and Filipinas Systems for the exploration and development of prospective coal areas in the Philippines, PNOC-EC has told the local bourse.

Jose Eijansantos, the compliance officer of PNOC-EC, the upstream oil and coal arm of state Philippine National Oil Co., said his firm is “intensifying its coal mining operations this year.”

San Miguel Corp. is one of the parties interested in joining PNOC-EC in the Isabela Coal Project covered by contracts by the Department of Energy.

PNOC-EC has also entered into a joint-venture agreement with Filipinas Systems to develop and mine the Lalat coal project in Zamboanga Sibugay in southern Philippines.

Filsystems has requested PNOC-EC approve its proposal to take in a new partner, Blackstone Energy, for Zamboanga Sibugay.

PNOC-EC said has completed exploration drilling, core logging, sampling and laboratory analysis and confirmatory drilling at its Lumbog coal project.

PNOC-EC said it has assumed complete operation of the Integrated Little Baguio coal project in southern Philippines after the Taiwan Overseas Mining pulled out.

Source: Macorship



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