Pedro Aquino steps down as PNOC-EC chief

Pedro Aquino stepped down as the president and chief executive officer of Philippine National Oil Co.-Exploration Corporation (PNOC-EC).

A high official from the Department of Energy (DoE) said in a text message that Aquino stepped down as the oil exploration company’s chief, days after he was slapped a 30-day suspension order by President Rodrigo Duterte. The source did not elaborate.

The one-month suspension was said to have been meted out following a memorandum of agreement he signed with Russia’s top oil producer, Rosneft Oil Company and Pionaire Finance Ltd., without the go-signal of the chairman or the board of directors. DoE Secretary Alfonso Cusi is the chairman of PNOC-EC.

In a statement, Senator Sherwin Gatchalian who also heads the Senate’s energy committee, said the situation would have been prevented had PNOC been more focused.

“Unfortunately, the PNOC is spreading itself too thin by doing different things when its focus should be on oil and gas exploration. The PNOC is supposed to be tasked with exploration, but this recent deal shows its intent to go into petroleum trading,” Gatchalian said.

“We plan to remedy this situation by championing in Congress a measure that will restructure PNOC by abolishing its existing subsidiaries and directing its focus away from non-exploration activities,” he added.

The DoE has yet to reply to queries on Aquino’s resignation.