Energy panel to finalize TOR on oil companies’ books

Saturday, January 28, 2012

THE Department of Energy (DOE) will meet sector nominees of the independent review committee (IRC) on Monday to iron out details of a review of oil firms’ books that is expected to start next month.

DOE Secretary Jose Rene Almendras said he will meet with the IRC nominees to finalize the details of the terms of reference (TOR) for the planned review.

Have something to report? Tell us in text, photos or videos.

“The TOR, drafted by the DOE in consultation with the sector, is being sent out to nominees for their comments/inputs so they may decide on whether to accept the nomination or not,” he added in a statement furnished Sun.Star.

The IRC will be composed of an economist, an accountant and representatives from each of the academe, business community, consumers group and the public transport.

Almendras assured the public that the sector nominees, who were chosen by their colleagues from the sectors they represent, were selected based on their credibility, competence, integrity, commitment and leadership.

He added the multi-sectoral independent review is targeted for implementation this February 1.

As per Republic Act 8479 or the Downstream Oil Industry Deregulation Act of 1998, DOE decided to organize an ad hoc IRC “with regard the agency’s transparency efforts to provide the public the information on the real scenario on local pump pricing and to determine if any of the oil companies have been accumulating excessive profits.” (CGC)