Gov’t sets midnight P17-B Malampaya stake sale
05/21/2010 The government is pushing through with the sale of a profitable 10 percent stake in the Malampaya natural gas project despite the recommendation of the state firm, Philippine National Oil Co.-Exploration Corp. (PNOC-EC), which owns the stake, against it. The sale of the Malampaya stake is projected to earn the government at least P17 billion which Finance Secretary Margarito Teves said would be used to plug an estimated P293-billion budget shortfall by the end of the year. A PNOC-EC official, however, said questions would likely be raised on the sale of the asset during the final days of the Arroyo administration. Teves claimed the sale not only has prior clearance from the Department of Justice and from the Office of the Government Corporate Counsel but also the approval of the PNOC-EC board of directors since 2005. Teves said the proceeds of the sale of the Malampaya stake was already part of the fiscal program that projected the sale of P30 billion worth of state assets to support the budget. “We have secured all the legal requirements to proceed with the proposed sale of PNOC-EC stake in Malampaya,” Teves said. PNOC-EC acting chairman Crismel Verano however said questions may be raised on the timing of the sale. PNOC-EC owns a 10-percent stake in the Malampaya gas field and the rest are held by Shell Philippines Exploration B.V. and Chevron Malampaya Llc., which hold 45 percent each. Source: The Daily Tribune URL: http://www.tribuneonline.org/headlines/20100521hed2.html |
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