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Monday, March 07, 2005
Petron studies investment on large-scale mine project
KORONADAL CITY— Oil giant Petron Corporation has reportedly signified its interest to invest in the proposed large-scale gold and copper mining project of the Sagittarius Mines Inc. (SMI) in the tri-boundaries of South Cotabato, Sultan Kudarat and Davao del Sur.
Rolando Doria, SMI project coordinator, said Petron initially offered to supply the oil requirements during the actual mining operations, which is projected to begin by 2009.
He said Petron executives, led by its president and chief executive officer Khalil Al-Faddagh and board chair Nicasio Alcantara III, and explored such partnership during a visit to SMI's base camp in Barangay Tablu in Tampakan town last Feb. 20.
“They are interested in supply our oil needs and we’re talking of millions of liters here. (Petron) will be selling their oil to us but both parties are carefully exploring a possible investment partnership,” Doria said.
Doria viewed Petron’s efforts as part of the government's interventions to ensure the immediate implementation of the SMI project.
Petron, a leading oil refining and marketing company in the country, is owned by the government-owned and controlled Philippine National Oil Company and Saudi Aramco, which has been listed as the world's largest oil producer.
Both firms own 40 percent shares of Petron’s equity while about 200,000 individual stockholders and a number of institutional investors own the remaining 20 percent.
Aside from possible direct investments, SMI project manager Alan Buenavista is also eyeing an exchange of best practices for the two companies in some related fields. (Sun.Star General Santos)
(March 7, 2005 issue)
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