Aquino receives more than a billion US dollars government shares from Malampaya Gas-to-Power Project
Monday, 23 January 2012 14:13
President Benigno S. Aquino III received more than a billion US dollar on behalf of the Philippine government from its shares in the Malampaya Gas-to-Power project, which is considered as one of the largest and most significant industrial endeavors in the country’s history.
During the symbolic handover of the Malampaya Deepwater Gas-to-Power project’s revenue contribution to the National Government for the year 2011, President Aquino accepted a mock check containing the exact amount of One Billion One Hundred Thirty Four Million Six Hundred Sixty Nine Thousand and One Hundred Fifty Seven US Dollars ($1,134,669,157) from Edgar Chua, Shell Philippines Country Manager.
Energy Secretary Jose Rene Almendras, who witnessed the turnover event said that the amount was part of the government’s share from the Malampaya project, a joint venture by the government headed by his department and the private sector.
He added that the share is given annually from the total earnings of the project.
“Joint venture po kasi ang project so may share po ang gobyerno and it is given every year. Yung 1.1 billion dollars is the total for 2011,” Almendras said adding that the amount will go directly to the Malampaya fund that is being managed by the Department of Finance (DoF).
“That goes to the Malampaya fund po… iba po ang accounting nun, iba po ang treatment dun ng Bureau of Treasury,” Almendras noted.
He expressed high hopes that the government will be receiving the same amount in the coming years if the price and quantity of produce will be stabilized.
Almendras added that the government’s shares will decrease if it will reinvest in Phases 2 and 3 of the project.
“Hopefully, the supply will continue so that’s the same amount of shares and if the price stays as it is that should be the quantity that we should be getting,” Almendras said.
“The only time that it will go down is when we reinvest, kasi di ba we have to invest for the Malampaya Phase 2 and Phase 3…. This is still the original contract and not the extension yet, there’s a Phase 2 and 3 which will require us to invest so that we can get more gas and prolong the supply of gas because we need gas as much as we can," he added.
Also present during the event were Finance Secretary Cesar Purisima, Philippine National Oil Company Chairman and Chief Executive Officer Gemiliano Lopez, Shell Philippines managing director Sebastian Quinones Jr. and Shell Philippines assistant manager Sabino Santos.
The Malampaya Deep Water Gas-to-Power project is a joint undertaking of the Philippine national government and the private sector. The project is spearheaded by the Department of Energy, developed and operated by Shell Philippines Exploration B.V. (SPEX) on behalf of joint venture partners Chevron Malampaya LLC and the PNOC Exploration Corporation.
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