SSS starts search for local fund managers 30-Oct-14, 7:41 PM | Rain Castro,

Bangko Sentral warns of short-term volatility after US Fed ends stimulus 30-Oct-14, 5:00 PM | Scarlet Venilia,

Select buying brings back PH stock index above 7,100-mark 30-Oct-14, 4:34 PM | Krista Angela M. Montealegre,

Ayala raises more than enough from preferred share sale to prepay debt 30-Oct-14, 2:58 PM | Krista Angela M. Montealegre,

Tantoco-owned luxury retailer touts strong demand for IPO 30-Oct-14, 12:47 PM | Krista Angela M. Montealegre,

PNOC-EC seeks joint-venture partners for 2 coal-fed power plants

PNOC-EC is a unit of state-owned Philippine National Oil Co. Photo from means BUSINESS

MANILA - PNOC-Exploration Corp (PNOC-EC) plans to tie up with other companies to expedite its power generation projects in Isabela and Zamboanga Sibugay.

In a statement, PNOC-EC said it will seek joint venture partnerships for two mine-mouth coal-fired power plants in the said provinces.

The Isabela power plant is intended to use coal reserves within PNOC-EC’s concession in the area, which has reserves seen enough for a 100-megawatt station. 

Meanwhile, the proposed power project in Zamboanga Sibugay will use coal reserves from PNOC-EC’s Malangas coal mines.  Coal reserves from this area, which are seen enough for a 50-100 megawatt station, are of high quality and suitable for blending with imported coal. 

PNOC-EC said interested joint venture partners for the projects "will be involved in the mine and power plant development as well as in operating the power station and marketing the generated electricity."

PNOC-EC intends to maintain minority stakes in both projects and will seek out partners following the joint venture guidelines issued by the National Economic and Development Authority. 

Gemiliano C. Lopez, Jr., PNOC-EC chairman, earlier said the company plans to take a minimal stake in its projects so that these are not hampered by government procurement requisites, which tend to take time to accomplish.

The competitive selection process for the joint ventures is expected to commence by first quarter of this year.

The company has engaged The Lantau Group as transaction advisor for the two projects.

PNOC-EC is a unit of state-owned Philippine National Oil Co.