Philippine Petroleum Sea Transport Association News

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.