After canceling its plans with Energy Oil and Gas Holdings Inc. (EOGHI), the Philippine National Oil Co. (PNOC) calls for new proposals for the development of an industrial city in Bataan.
Since dismissing its initial partnership with EOGHI due to a “low rental value,” the state-run company is opening its table for better offers.
“PNOC-PAFC Industrial Park will now be open for applications to locate/lease subject to applicable laws and regulations for the same,” PNOC chief Reuben Lista said.
The planned industrial park will house petrochemical and petrochemical-related industries in a 220-hectare land.
It is also planned to be utilized as a haven for energy-related projects, infrastructures, and activities.
Lista previously said EOGHI was given priority as they were the first one to show involvement in the plan, but he added that several other investors expressed their interest in the project as well.
However, the chief said the Araneta-led company may still offer a new proposal along with the new applicants.
“EOGHI may submit a new proposal offer, which will be evaluated in the same footing with other applications,” he said.
The project was initially under the roof of PNOC-Alternative Fuels Corp., however, it was dissolved in 2014 and was converted to a government-owned or controlled corporation.
Aside from this project, PNOC is converting land assets in in Taguig and Batangas to energy parks as a source of increasing cash flow.