State-run Philippine National Oil Co. is seeking a budget of P2.209 billion in 2024, including P1.43 billion for its planned
PNOC president Oliver Butalid said during the House of Representatives budget hearing the company aims to be a key player in the underserved segments of the broad energy industry.
Butalid said the company set five high-impact initiatives for 2024. “The first two pertains to our existing properties Batangas and Bataan and next three are entirely new initiatives that PNOC will embark in,” he said. “The redevelopment of the strategically located port will take about 2 years just in time for the first OSW turbine to be launched in 2026,” he said.“We hope to install solar PV capacity in selected islands by 2025… PNOC will position itself to be the entity that will aggregate the demand of government entities and farm this out to private ESCOs,” Butalid said.
“Our country will have to rely on LNG to fuel its existing and future gas-fired gen plants. Today, the two LNG terminals are located in Batangas. PNOC will reserve the remaining area of its Bataan industrial park for an LNG terminal,” Butalid said.
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