My Google Page Rank

Aquino receives more than a billion US dollars government shares from Malampaya Gas-to-Power Project

PDFPrintE-mail

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.

By PCOO/PIA9-ZBST




Related news items:
Newer news items:
Older news items:

Add comment


Security code
Refresh

Driver carrying gun arrested

08 Dec 2018 Hits:145 Be the first to comment!

A public utility jeepney (PUJ) driver was arrested at a checkpoint manned by personnel of the Zamboanga City Mobile Force Company (ZCMFC) for possession of a homemade handgun at R.T. Lim Boulevard, Barangay San Jose Cawa-Cawa, Zamboanga City on Thursday. Arrested was Sahiron Rene Mohammad, 32, married, driver of the PUJ bearing plate number JVG-551, and a resident of Suterville, Barangay Campung Islam, this city. Recovered from him was a caliber .38 revolver with four live ammunition. Police report shows that ZCMFC personnel PO1 Mohammad Nur Sali and Alfie Paglinawan flagged down Sahiron for driving his PUJ without wearing seatbelt.When the police asked for his driver’s license, he failed to provide any. Accordingly, PO1 Sali saw something bulky on the driver’s waist that prompted [...] Read more

Prev Next Page:

City’s PESO, most outstanding in Zampen

07 Dec 2018 Hits:121 Be the first to comment!

City’s PESO, most outstanding in Zampen The Public Employment Service Office (PESO) under the City Social Welfare and Development (CSWDO) bagged the Most Outstanding City PESO in Zamboanga Peninsula award for [...] Read more


Robbery could be motive behind the killing of businesswoman: Police

07 Dec 2018 Hits:185 Be the first to comment!

The City Police Office has said that robbery could be the prime motive behind the brutal killing of a businesswoman whose body was found inside her room at R.U.A. Pension [...] Read more


Police apprehend husband, one other for mauling alleged wife’s lover

07 Dec 2018 Hits:184 Be the first to comment!

An alleged paramour was beaten by his lover’s husband and another companion at the vicinity of  Pasonanca Barangay Hall, this city, Thursday dawn. The victim was identified Paulino Durong y Toribio, [...] Read more


Gov. Ramos road rehab starts Dec. 11

06 Dec 2018 Hits:159 Be the first to comment!

City Hall has issued Executive Order 428 temporarily designating a section of Gov. Ramos Avenue in barangay San Roque as one way street to give way to the road rehabilitation [...] Read more


Red Cross Gov. Lobregat extends relief assistance to fire victims

06 Dec 2018 Hits:192 Be the first to comment!

Philippine Red Cross (PRC) Governor and Congressman Celso  L. Lobregat has provided necessary relief assistance to the victims of the recent fire incident in Johnston Street, Barangay San Jose Gusu, [...] Read more


Municipal councilor shot dead in Zamboanga del Sur

05 Dec 2018 Hits:191 Be the first to comment!

An incumbent municipal councilor in Zamboanga del Sur (ZDS) province was shot dead by unidentified riding-in-tandem gunmen in Purok 4, Barangay Bobongan in Ramon Magsaysay Municipality on Tuesday noon. The police [...] Read more


Guard loses motorcycle to robbers

19 Nov 2018 Hits:231 Be the first to comment!

A security guard of a telecommunication company was robbed by three suspects wearing bonnets who took his motorcycle at the PLDT tower site in Barangay Mercedes, Zamboanga City on Saturday. According [...] Read more


THANK GOD! It’s FRIDAY!

16 Nov 2018 Hits:190 Be the first to comment!

For the Tetuan Parish, that very common expression means literally just that, for on Friday, November 16, 2018, at 7 in the evening at the Centro Pastoral, the concert UN [...] Read more


Man stabbed in Rio Hondo

16 Nov 2018 Hits:233 Be the first to comment!

A bakery worker was stabbed and wounded by his co-worker in Sitio Hongkong, Barangay Rio Hondo, Zamboanga City on Wednesday night. Police Officer 3 Had-Anuar Edding, investigator-on-case, of Police Station 11 [...] Read more


Three nabbed for illegal drugs

16 Nov 2018 Hits:249 Be the first to comment!

Three persons were arrested when operatives of Police Station 9 seized from them 13 sachets of suspected shabu during a buy-bust operation at Barangay Recodo, Zamboanga City on Thursday dawn. Arrested [...] Read more


DOH 9 conducts training on GI, community-based treatment for PWUDs

15 Nov 2018 Hits:277 Be the first to comment!

The Department of Health Region IX (DOH 9) conducted the Training on General Intervention (GI) and Community-based Treatment Care Services for Person Who Use Drugs (PWUDs) from November 13-15, 2018. With [...] Read more


DENR-EMB 9 conducts SWM plan finalization of ZamPen LGUs

14 Nov 2018 Hits:283 Be the first to comment!

The Department of Environment and Natural Resources-Environmental Management Bureau (DENR-EMB) Region IX is conducting a 10-year Solid Waste Management (SWM) plan update and finalization of 33 local government units (LGUs) [...] Read more


Man accused of child abuse, arrested

13 Nov 2018 Hits:306 Be the first to comment!

Two teenagers filed a complaint for child abuse against a 55-year-old man at Police Station 7 last Sunday. Ellyn, married, a resident of Barangay Pasonanca, Zamboanga City, averred to the police [...] Read more


Brgy Chair nabs pedicab driver carrying shabu

13 Nov 2018 Hits:227 Be the first to comment!

A delivery boy was arrested in a buy-bust operation conducted by elements of Police Station 4 led by Chief Insp. Hazel Fernandez at Barangay Baliwasan, Zamboanga City  on Sunday. Police identified [...] Read more


Navforwem honors fleet-marine troops for rescue of KV Duterte

13 Nov 2018 Hits:314 Be the first to comment!

The Naval Forces Western Mindanao (Navforwem) has honored sailors, marines, Fleet-Marine personnel and navies for the successful rescue of kidnapped victim (KV) Jose Duterte and exceptional feats in the accomplishment [...] Read more


Police searching for armed man for mauling

12 Nov 2018 Hits:221 Be the first to comment!

A resident of Barangay Mampang, Zamboanga City, is now being hunted by personnel of Police Station 6 for mauling and totting his gun at another person on Sunday. Police report shows [...] Read more


Team Climaco condemns misinformation, fake news

09 Nov 2018 Hits:435 Be the first to comment!

Members of the Team Climaco have strongly criticized and condemned misinformation drive allegedly hatched by their political foes and propagandists, who are desperate to destroy the many and outstanding accomplishments [...] Read more


Man hacked by father-in-law

09 Nov 2018 Hits:234 Be the first to comment!

A man was hacked and wounded by his father-in-law at Sibiktol Drive, Barangay Arena Blanco, Zamboanga City, on Wednesday. The victim was identified as Jarrin Jalmaani y Gadong, married and a [...] Read more