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By Euan Paulo C. Ańonuevo, Reporter
PHILIPPINE National Oil Co.-Energy Development
Corp. (PNOC-EDC) plans to bid for the Tiwi-Makban geothermal complex
in an upcoming state-auction.
In a disclosure to the Philippine Stock
Exchange, Erudito S. Recio, investor relations manager of the
country’s largest geothermal energy producer, said the company is
keen on participating in the privatization of the 289-megawatt Tiwi
and 458.53-megawatt Makban plants, both of which will be auctioned
off as a package by state-run Power Sector Assets and Liabilities
Management Corp. (PSALM) in June.
“PNOC-EDC has expressed its interest to
participate in and bid for the geothermal complex,” he said.
With a total capacity of about 1,200 megawatts,
PNOC-EDC said its bid for the facilities, which is situated in the
Tiwi-Makban geothermal production field operated by Chevron
Geothermal Philippines Holdings Inc., is part of an aggressive
expansion campaign the company has lined up.
Besides the geothermal unit, the company earlier
indicated that it is likewise keen on acquiring state-owned power
plants up for privatization with a combined capacity of 1,200
megawatts in the Bacon-Manito, Palinpinon and Tongonan geothermal
production fields, which PNOC-EDC operates.
The company is also eying to develop seven new
geothermal fields across the country with an estimated capacity of a
minimum of 280 megawatts up to a maximum of 310 megawatts.
PNOC-EDC is looking at an average of P5.6
billion in capital expenditures from 2008 to 2015 for these proposed
capacity expansion activities, among others.
A former subsidiary of state-owned PNOC,
majority control of PNOC-EDC shifted to a consortium led by
Lopez-controlled First Gen Corp. in an auction late last year for
P58.5 billion.
PNOC-EDC’s shares closed lower Tuesday at
P6.50 from P6.60 in the previous trading day.
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