Philippine Govt Eyes Sale of PNOC Tankers Anew
According to reports, the Philippine government has revived plans to dispose its interest in the shipping and transport arm of Philippine National Oil Co. (PNOC) as part of aggressive privatization efforts. The government is inviting prospective financial advisors to submit their offers for the sale of PNOC Shipping and Transport Corp. (PSTC). Interested bidders have until Dec. 12 to submit their offers. The financial advisor will be tasked to advise, guide, and assist in the design, planning, preparation, and implementation of the program for the privatization of the wholly-owned subsidiary of PNOC. Bidders should have Philippine and Asian experience as financial advisors to governments on privatization and knowledge in the shipping and maritime sector.
China to Look for Oil in Spratlys
A Chinese firm has won a joint contract from the state oil companies of the Philippines, Vietnam and China to search for oil in a disputed area of the South China Sea, according to a report from The Philippine Star. China Oilfield Services Ltd. (COS), a subsidiary of China National Offshore Oil Corp. (CNOOC), was reportedly given the go-ahead to explore near the disputed Spratly island chain after agreement by the three nationalized conglomerates, Xinhua news agency said. CNOOC, Philippine National Oil Co. (PNOC), and Vietnam Oil and Gas Corp., also known as PetroVietnam, agreed in March to conduct seismic work programs — setting off explosions to monitor the shock waves for pockets of oil and gas — over three years covering an area of about 143,000 square kilometers.
