DOE reviewing Udenna& rsquo;s deal to buy Chevron& rsquo;s Malampaya stake
The Department of Energy is evaluating the transfer of the 45-percent stake of Chevron Malampaya LLC in the $4.5-billion Malampaya gas project in northwest Palawan to Udenna Corp. to determine if it complied with technical, legal and financial requirements, an official said Tuesday......»»
Citicore Energy REIT doesn’t deny report of potential 30% stake sale
Citicore Energy REIT responded to a Biz Buzz article that claimed a “blue chip conglomerate” (BCC) was in negotiations to acquire “a little less than 30%” of CREIT in a deal that would be completed “in the coming days or weeks”......»»
Latest Deals on Apples M3 and M2 MacBook Airs – The Daily Guardia
Engadget Reviews Apple’s Newest MacBook Air Models, Available at Discounted Prices Since 2004, Engadget has been a trusted source for testing and reviewing consumer tech.....»»
Jollibee invests $28 million in beverage tech firm
Filipino-owned Asian food conglomerate Jollibee Foods Corp. is investing $28 million for a 10 percent stake in beverage technology company Botrista Inc. to support the growth of its coffee and tea business......»»
Israel bombs Gaza, fights Hamas around hospitals
Israeli forces pounded besieged Gaza on Wednesday and fought Hamas around several hospitals, despite a UN Security Council demand for a ceasefire. Talks in Qatar towards a truce and hostage release deal involving US and Egyptian mediators have brought no result so far, with Israel and the Palestinian militant group blaming each other. READ: Israel.....»»
Philippines braces for La Nina, continues to deal with El Nino
MANILA, March 26 (Xinhua) -- The Philippines will continue to implement measures to lessen the impact of the El Nino weather phenomenon, as it braces for the opposite La Nina weather pattern, Philippine Science and Technology Secretary Renato Solidum said Tuesday. Solidum said in a news conference that the Department of Science and Technology's record showed that as of Sunday, 37 provinces across the country hav.....»»
EcoWaste Coalition: True Radiance Comes from Within, Not from Skin Lightening Products with Mercury
23 March 2024, Quezon City. The toxics watchdog group EcoWaste Coalition, which has been tracking mercury in skin-lightening cosmetics in the Philippines since 2011, reiterated its support for the global effort to put an end to the persistent production, trade, and consumption of racist beauty products with mercury content that claim to whiten the skin and deal with other.....»»
'How do you deal with a neighbour...': Jaishankar slams Pakistan over 'industry level' terrorism
Singapore, March 24 (ANI): Emphasising the complex situation of dealing with a neighbour like Pakistan, External Affairs Minister S Jaishankar said that Islamabad uses terrorism as an instrument of statecraft and does not even hide from the fact. He affirmed that India will not skirt this problem anymore and the mood in the country is not to overlook the issue of terrorism. The EAM, who is in Singapore as part of his thre.....»»
Lady Bulldogs deal Golden Tigresses 1st loss
Flawless no more......»»
'How do you deal with a neighbour...': Jaishankar slams Pakistan over 'industry level' terrorism
Singapore, March 24 (ANI): Emphasising the complex situation of dealing with a neighbour like Pakistan, External Affairs Minister S Jaishankar said that Islamabad uses terrorism as an instrument of statecraft and does not even hide from the fact. He affirmed that India will not skirt this problem anymore and the mood in the country is not to overlook the issue of terrorism. The EAM, who is in Singapore as part of his thre.....»»
EcoWaste Coalition: True Radiance Comes from Within, Not from Skin Lightening Products with Mercury
23 March 2024, Quezon City. The toxics watchdog group EcoWaste Coalition, which has been tracking mercury in skin-lightening cosmetics in the Philippines since 2011, reiterated its support for the global effort to put an end to the persistent production, trade, and consumption of racist beauty products with mercury content that claim to whiten the skin and deal with other.....»»
BPI to sell its entire 15% GoTyme Bank stake back to the Gokongweis
Zobel Family banking unit BPI disclosed that its board of directors has approved the sale of BPI’s stake in GoTyme Bank to a subsidiary of JG Summit and a company called Giga Investment Holdings Pte. Ltd. at a price of P1.20/share......»»
Major oil firms raise market share in H1
The country’s major oil companies have reinforced their foothold in the local petroleum market, expanding further their market share in the first semester despite Chevron’s decline......»»
California sues oil giants, alleging climate risks deception
The US state of California sued five of the world's largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, according to a court filing. It follows numerous other cases brought by US cities, counties, and states against fossil fuel interests over the impact of climate change as well as alleged disinformation campaigns spanning decades. The civil case was filed in a superior court in San Francisco against ExxonMobil, Shell, BP, ConocoPhillips, and Chevron, which is headquartered in California. The American Petroleum Institute, an industry group, is also a defendant in the case. "Oil and gas company executives have known for decades that reliance on fossil fuels would cause these catastrophic results, but they suppressed that information from the public and policymakers by actively pushing out disinformation on the topic," the 135-page complaint read. "Their deception caused a delayed societal response to global warming. And their misconduct has resulted in tremendous costs to people, property, and natural resources, which continue to unfold each day." The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California, which is on the front lines of climate change-fueled wildfires, flooding and other extreme weather phenomena. "By downplaying the scientific consensus on climate change and emphasizing uncertainty, Defendants hoped to delay any regulatory action that might seek to reduce or control (greenhouse gas) emissions, thereby threatening the industry's profits," the complaint added. Representatives of the defendants did not immediately reply to requests for comment from AFP. "For more than 50 years, Big Oil has been lying to us -- covering up the fact that they've long known how dangerous the fossil fuels they produce are for our planet," California Governor Gavin Newsom said in a statement on Friday. "California is taking action to hold big polluters accountable," he added. Since the current wave of environmental litigation against fossil fuel firms began around 2017, the industry has sought to avoid state trials on procedural grounds. That effort received a major blow in May when the US Supreme Court declined to consider an appeal in two cases, meaning they could proceed. The lawsuits are modeled on successful cases against Big Tobacco as well as against the pharmaceutical industry over the proliferation of opioids. The post California sues oil giants, alleging climate risks deception appeared first on Daily Tribune......»»
California sues oil giants, alleging climate risks deception
The US state of California sued five of the world's largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, The New York Times reported. It follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change as well as alleged disinformation campaigns spanning decades. The civil case was filed in superior court in San Francisco against Exxon Mobil, Shell, BP, ConocoPhillips and Chevron, which is headquartered in California. The American Petroleum Institute, an industry group, is also a defendant in the case, The New York Times said. The companies and their allies "intentionally downplayed the risks posed by fossil fuels to the public, even though they understood that their products were likely to lead to significant global warming," dating back to the 1950s, the suit alleged, according to the newspaper. Representatives of the defendants did not immediately reply to requests for comment, it added. The California case seeks the creation of an abatement fund to pay for future damages caused by climate disasters in the state, which is on the front lines of climate change-fueled wildfires, flooding and other extreme weather phenomena. "Oil and gas company executives have known for decades that reliance on fossil fuels would cause these catastrophic results, but they suppressed that information from the public and policymakers by actively pushing out disinformation on the topic," the 135-page complaint reads, according to the Times. "Their deception caused a delayed societal response to global warming. And their misconduct has resulted in tremendous costs to people, property, and natural resources, which continue to unfold each day." Since the current wave of environmental litigation against fossil fuel firms began around 2017, the industry has sought to avoid state trials on procedural grounds. That effort received a major blow in May when the US Supreme Court declined to consider an appeal in two cases, meaning they could proceed. The lawsuits are modeled on successful cases against Big Tobacco as well as against the pharmaceutical industry over the proliferation of opioids. The post California sues oil giants, alleging climate risks deception appeared first on Daily Tribune......»»
Graft buster clears Cusi
Citing the presumption of regularity, the Office of the Ombudsman threw out the graft complaint of a New York-based billionaire against former Energy Secretary Alfonso Cusi, other Department of Energy officials, Davao City-based executive Dennis Uy, and several others over the sale of 90 percent of the shares of the Malampaya natural gas consortium. On 18 October 2021, US-based geologist Balgamel Domingo and Filipino-American anti-Duterte leaders Rodel Rodis and Loida Nicolas-Lewis filed charges against Cusi, Uy, and the others involved in the sale of the Malampaya stake to the Udenna group of Uy. In a copy of the ruling obtained by the Daily Tribune, the Ombudsman said it could not delve into the complaint on the legality of the transaction since “the authority to make such a determination belongs to the court.” “Seemingly, this complaint is in actuality a collateral attack on the validity of the Share Sale and Purchase Agreement,” it said. The decision declared that “matters of such tenor are not determinable in a preliminary investigation before the Ombudsman’s Office.” “Without any judicial determination decreeing the illegality of the Share Sale and Purchase Agreement, this Office is left with nothing but to acknowledge its validity,” the ruling said. The Ombudsman cited a precedent in the case of Teresita Buenaventura vs Metrobank, in a ruling that stated: “The burden of showing that a contract is simulated rests on the party impugning the contract.” “This is because of the presumed validity of the contract that has been duly executed,” the Ombudsman ruling read. “Wherefore, the criminal charges for violation of Section 3(e) and of Republic Act 3019 against the respondents are dismissed for lack of probable cause.” The ruling was signed by members of a Special Panel of Investigators composed of Ronald Allan Ramos, Josephine Mae Rosapapan, Francisco Alan Molina and Bonifacio Mandrilla. Prime takes control The operation of the Malampaya project was recently assumed by the Razon group’s Prime Energy which bought a 45-percent stake from Malampaya Energy XP, or MEXP, of the Udenna group. MEXP had bought the shares of Shell Philippines Exploration B.V., or SPEX, in the consortium. The Department of Energy had branded the complaint a political move since the two Fil-Am lawyers in the suit were prominent in the “Oust Duterte” movement in the United States. The complaint alleged that Cusi and other energy officials had granted “unwarranted benefits and advantage” to Uy’s UC Malampaya in the buyout of Chevron’s share in the consortium. Udenna, through spokesperson Raymond Zorilla, said there is “no law requiring approval of the transfer of shares of companies that have an interest in Malampaya.” Zorilla said the transfer of Chevron and Shell shares underwent strict bidding processes and due diligence by both multinational oil and gas players. “The share sales were above board and legal and had to pass scrutiny by Philippine regulators, international lenders, and the said private multinationals involved,” Zorilla added. Cusi, in an interview with Daily Tribune, had said the DoE was not involved in choosing the buyer of the shares of Shell and Chevron in the Malampaya project. “The DoE did not get involved in the sale (of shares). We don’t know that they are selling. Our question was what their standards are for choosing Udenna. Why didn’t you choose the big companies, and why Udenna?” he said. Industry experts said the sale of shares was a private transaction that the accusers, who are US lawyers, should have been very familiar with. Cusi said the DoE, during his watch, went beyond its mandate by reviewing the technical, legal, and financial aspects of the transactions, the results of which were provided to the public. Political agenda The complaint, he said, had an underlying political agenda connected to his being the head of President Rodrigo Duterte’s Partido Demokratiko Pilipino-Lakas ng Bayan or PDP Laban. “It is not only political propaganda against me, but it also has a destabilization background… because I’m the president of the PDP.” The complaints, in turn, stemmed from the unending Senate inquiries on the Malampaya deals. The DoE said the Senate probes and the controversies that resulted from them had caused costly delays in the review process that would ultimately affect the country’s energy security. To refute a recent remark by Senator Sherwin Gatchalian, the DoE, in a statement said: “The inquiries of Senator Gatchalian are causing undue delay to the timeline of the consortium corporations, and this may eventually take its toll and put our energy security at risk.” The DoE’s approval of the sale of shares of stock of Chevron Malampaya LLC, one of the three corporations in the Malampaya Gas Field Project Consortium, had been dubbed by Gatchalian, chairman of the Senate Committee on Energy, as “lutong Macau.” It also backed the Udenna assessment that the deals were above-board. “When the sales were made, both Chevron Philippines, which owned Chevron Malampaya, and Shell Petroleum NV, owner of SPEX, followed rigorous global standards,” the DoE said. Nicolas-Lewis was part of a 25-person delegation from the US-Philippines Society, a private group comprising business executives and diplomats, who met with Duterte a week before his inauguration as president in 2016. Nicolas-Lewis was then accompanied by former Philippine Ambassador to the US Jose Cuisia, PLDT chair Manuel V. Pangilinan, retired American diplomats, and executives of Coca-Cola, SGV, JP Morgan, and other top corporations. Nicolas-Lewis is the sister of former National Anti-Poverty Commission chairperson Imelda Nicolas, who was one of the “Hyatt 10” Cabinet members who turned against then-President Gloria Macapagal-Arroyo in 2005. Imelda and most of the Hyatt 10 members ended up getting key posts in the administration of President Benigno “Noynoy” Aquino III. Imelda was made head of the Commission on Filipinos Overseas. Nicolas-Lewis plot bared In February 2018, former President Duterte bared intercepted conversations that indicated Nicolas-Lewis was behind efforts to push the International Criminal Court, or ICC, to probe his war on drugs. Duterte revealed a recorded conversation between Lewis and another political opponent whom he did not name. “I was listening to the tapes of their conversation. It was provided to me by another country, but the conversation was somewhere in the Philippines and New York,” Duterte said. He said that among the recordings was one in which Lewis allegedly told another person: “See you in the headquarters when the case is filed.” Duterte then said in a public address that he was aware of developments on the ICC case and that lawyer Jude Sabio, the main complainant in the case, was a paid hack of Magdalo Senator Antonio Trillanes IV and Rep. Gary Alejano, both failed putschists. Sabio withdrew his complaint before the ICC and revealed that the case was the handiwork of the dirty tricks factory of Trillanes. In 2016, Duterte pointed to Lewis as the financier of an alleged destabilization plot against his administration. Nicolas-Lewis invested heavily in the failed presidential campaigns of Liberal Party bets Mar Roxas in 2016 and Vice President Leni Robredo in 2022. The post Graft buster clears Cusi appeared first on Daily Tribune......»»
Fortman Cline declared Best M& A Advisory Team in SE Asia
Fortman Cline Capital Markets was recently named the Best Mergers and Acquisitions Advisory Team in Southeast Asia for 2023 by Capital Finance International, a premier London-based print journal and online resource for business, economics and finance. In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.” “In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale. The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said. The CFI award program aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.” This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc. FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters. “Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco. FCCM acted as one of the two financial advisers of Professional Services Inc., the company that owns The Medical City, as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer. FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years. In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program. “The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said. Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60-percent equity stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA). The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s $300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corporation, and more. Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia. Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London. Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience. The post Fortman Cline declared Best M&A Advisory Team in SE Asia appeared first on Daily Tribune......»»
Energy security sealed
Two new wells have been lined up for drilling at the Malampaya natural gas field which brings hope that the resource will continue to provide indigenous electricity. Last 15 May, President Ferdinand “Bongbong” Marcos Jr. renewed Service Contract 38, which covers the Malampaya development, for another 15 years. Various political considerations had confounded the extension of the current contract that is scheduled to expire next year. Business interests were banking on the contract lapsing and the government conducting a new auction that would have freed the new operator from having to deal with the consortium that includes oil giants Shell and Chevron that each holds a 45-percent stake. The state-owned Philippine National Oil Co.-Exploration Corp. owns 10 percent. Despite projections that the current wells would be depleted by 2027, Malampaya continues to generate interest since that area in the West Philippine Sea is known to be rich in fuel deposits. Holding up exploration in the area is the contrasting viewpoint of claimants. The proposed Joint Marine Seismic Undertaking among the China National Oil Corp., the Vietnam Oil and Gas Corp., and the Philippine National Oil Co., all state firms, was ruled unconstitutional by the Supreme Court. Last 5 July, the Supreme Court denied with finality their motion for reconsideration and upheld its decision of last January junking the tripartite agreement. The High Court’s decision thus placed activities in the contested West Philippine Sea in a virtual stalemate after joint explorations were ruled out. Thus, attention returned to the areas that had existing contracts for development. In a briefing with President Ferdinand Marcos Jr., Prime Energy officials led by top honcho Enrique K. Razon presented the Malampaya timetable which includes the first drilling for nearby fields by the end of 2024 and a new or additional gas supply under the same service contract by 2026. The improved outlook for Natgas came about after the hurdle to the contract renewal that had blocked new investments was overcome. Without the certainty of an extended government license, investments in the project were frozen. Energy Secretary Raphael Lotilla expressed confidence that with the unlocking of new capital as a result of the extension of the contract, new wells will be developed. Digging one well would cost the consortium P500 million. The Malampaya field’s best estimate for new Natgas fields is an additional 210 billion cubic feet of gas or about 10 percent of the extracted fuel from the field. Prime Energy also presented an aggregation strategy that would augment natural gas with imported liquefied natural gas or LNG. President Marcos welcomed the proposal as the key to the country’s energy security. The proposed blending is expected to reduce electricity prices while ensuring a stable supply since it will be made available by Prime Energy to all gas power plants at a uniform price. An extended deal will also mean that the government will continue collecting revenues from royalties in the project. In more than 20 years, the Malampaya Project has generated revenues of over $13.14 billion, or P723 billion for the government. It also reduced oil imports by more than 800,000 barrels per year, which saved the country an estimated $2.5 billion in annual import costs. The most significant development in the Malampaya project, however, is it’s being freed from the vicious noises of the opportunists who want to undermine energy security to serve their partisan agenda. The post Energy security sealed appeared first on Daily Tribune......»»
US stocks steady after last week’s rally
Wall Street stocks were stable early Monday with petroleum-linked shares gaining, extending a positive run following the resolution of the US debt ceiling fight. Major indices had closed last week at multi-month peaks after Congress approved a plan to avert a US debt default after weeks of back and forth between President Biden and congressional Republicans. Stocks had also been lifted by a solid jobs report that kept alive the prospect of a "soft landing" for the world's largest economy after a series of Federal Reserve interest rate hikes. The benign trend extended early Monday, with the Dow Jones Industrial Average down less than 0.1 percent at 33,750.64. The broad-based S&P 500 added 0.1 percent to 4,288.52, while the tech-rich Nasdaq Composite Index also climbed 0.1 percent to 13,259.47. Petroleum-linked shares advanced as oil prices rose following Saudi Arabia's statement that it would cut output by one million barrels a day. Chevron rose about one percent, while Devon Energy and Occidental Petroleum tacked on about two percent. The post US stocks steady after last week’s rally appeared first on Daily Tribune......»»
Marionette’s woe
The agenda of the detractors of the pivotal Malampaya natural gas project was for the deal, Service Contract 38, to lapse next year which places the assets in the government’s hands and then a favored private group comes in to buy the assets at a huge discount. The potential of the Malampaya--Camago is too promising, however, for the carpetbaggers to succeed since serious investors are willing to have the government partner for the project. Former Philippine National Oil Company chief Eduardo Mañalac, the designated attack dog of the detractors, said it should have been the government, through PNOC-Exploration Corp., buying out the foreign partners Shell and Chevron. PNOC-EC has a pre-emptive right as a 10 percent partner in the Malampaya consortium, giving it the option to match any offers to buy out any of the partners. The idea of the government taking over the project does not hold water. The actual cost to buy up the shares of the two foreign oil giants which own 90 percent of the Malampaya service providers would cost a hefty $1 billion. The government would need another $500 million to $600 million to explore and develop additional production wells. Coming from the pandemic era, such an amount spent on one project that has no immediate benefit to the public and obtained from borrowings would be preposterous. Pain and gains in business are best left to the private sector which has the resources to use while pursuing their profit motive. The real target of Manalac’s rant and rave, however, was to scuttle the deals and not extend SC 38 beyond its expiration next year, opening the door for wheeling and dealing in which the government assumes the Malampaya assets or if a new contract is dealt out. Mañalac can’t be trusted in his supposed role as a guardian of key state assets that he wanted to portray. During his stint as a concurrent energy undersecretary and PNOC chief, he tried to arrange the sale of five percent of PNOC-EC to a South Korean firm. The deal fell through after the National Economic and Development Authority or NEDA, under then Socioeconomic Planning Secretary Romulo Neri, junked the proposal and recommended to President Gloria Macapagal-Arroyo that the government keep its stake in PNOC-EC intact. At an online forum hosted by National Youth Movement for the West Philippine Sea, Mañalac gave an excuse that the aborted sale was an imposition by the Department of Energy. It was also supposedly a bid to recoup a P100-million loan spent on acquiring a 10 percent stake in the state-owned company and to top it all, Mañalac said he supported the sale “against his will.” “Of course, I was against it but you have to follow, you argue against it but at the end of the day, you tried to obey the instructions as best as you can,” Mañalac’s account which he wanted to fool the public into believing. He belatedly announcing that his actions were against his will reveals his foibles. The pursuit of the former energy official is off-tangent to the idea of maximizing benefits to the government. With the private sector as the controlling interest in the consortium, the government collects 60 percent of the net proceeds from Malampaya’s sale and it is spared of the huge amount needed for exploration and development. Pray tell how the current setup will have government missing out as Mañalac puts it. The truth is those who are pulling Mañalac’s strings wanted to obtain the energy industry jewel at a dirt-cheap price. The post Marionette’s woe appeared first on Daily Tribune......»»
Chevron’s Batangas lease extended 25 yrs
Chevron Philippines Inc. has renewed a lease on a parcel of land in Batangas owned by the government, a deal which was symbolic of the strengthened relations between the United States and the Philippines. The agreement was signed between Batangas Land Co. Inc. or BLCI and Chevron. BLCI owns the San Pascual, Batangas property where Chevron’s largest terminal in the country is located. BLCI is a subsidiary of the National Development Co. chaired by Trade and Industry Secretary Fred Pascual. With the extended lease, Chevron will use the property until 2050. US oil giant Chevron has represented America’s continued partnership with the Philippines since 1917. Trade Secretary Fred Pascual and United States Ambassador MaryKay Carlson witnessed the signing of the Memorandum of Understanding. “This truly is a celebration of two companies coming together, but I’d like to say, of the two nations. We at the embassy use a social media hashtag — #PartnersInProsperity. We are excited to grow with the Philippines and to be partners in the prosperity of both of our nations and this is a great example today. This MoU signing is a great follow-on event to President Marcos’ visit to the United States recently,” Ambassador Carlson said during the event. Pascual, speaking as chairman of NDC, said the MoU signing is a testament to the Philippine government’s efforts to strengthen the Philippines-United States economic relations, especially following the recent Official Visit of President Ferdinand R. Marcos Jr. to Washington, D.C. Pascual said the signing was a momentous occasion and proof of the government’s intensified investment promotion campaigns materializing. This truly is a celebration of two companies coming together, but I’d like to say, of the two nations. The renewal of CPI’s lease for another 25 years signifies the reinforcement of the continuing partnership between the Philippines and the US and is expected to contribute greatly to the Philippine government’s efforts to facilitate economic recovery and expansion. Testament of confidence “We are delighted to know that there is this intent on the part of Chevron Philippines and Batangas Land, as documented in this MoU, to renew the lease on Batangas Land’s assets. This is a testament to continued investor confidence in the Philippines. And it signifies the country’s ability to provide a long-term enabling environment for the growth of global companies that choose to do business in the country,” Pascual said in his message. Chevron primarily markets Caltex’s fuels, lubricants, and other petroleum products in the Philippines. It operates through its two subsidiaries in the country, Chevron Philippines Inc. and Chevron Holdings Inc. The company has nearly 600 Caltex service stations in the Philippines, which offer a wide range of petroleum products, including Caltex with Techron gasoline, Caltex Diesel with Techron D, kerosene, lubricants and fuel additives. In 2020, the deal was questioned by Finance Secretary Dominguez when the deal allowed the renter to pay a monthly rental fee of just 74 centavos per square meter on a 120-hectare or 1.2 million sq. m. state property in Batangas. Comparative data from NDC appraisal reports and other official sources show that the current fair market rental value back then in that area should be around P17.90 per sq. m. per month. The post Chevron’s Batangas lease extended 25 yrs appeared first on Daily Tribune......»»