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Cooking a Lutong Macao

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Read Daily Tribune’s editorial tomorrow (30 October) and find out about the real score behind the “lutong Macao” peddled  in the Senate.

Senator Sherwin Gatchalian made the sound bite regarding the Department of Energy’s approval of the Chevron deal and the government’s failure to buy the Chevron shares through 10 percent consortium partner Philippine National Oil Co.-Exploration Corp. (PNOC EC) which did not exercise its preemptive right.

It turns out, according to Department of Energy (DoE) officials, the government did not have the ready cash but PNOC-EC did signify its interest in exercising the right to match.

The state firm, however, can only raise the proportionate share for the entire lot being sold or equivalent to 8.3 percent of the 45 interest Chevron was unloading that costs $565 million.

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