Friday, August 31, 2007 New oil company head to pursue privatization
NEW Philippine National Oil Company (PNOC) president Antonio M. Cailao has vowed to prioritize and fast-track the privatization of the company's subsidiaries.
"It is a herculean task, faced with tremendous obstacles but nonetheless the job of heading PNOC will be an exciting one. I am inspired as well as honored by the confidence of the government in putting me in this post. The headwinds provided by the country's strong economic performance will certainly make my task less difficult," Cailao said.
Cailao said he is hopeful that he would be able to completely privatize PNOC-Energy Development Corporation (EDC), which he formerly headed.
Cailao, who would take his oath of office on September 1, succeeded PNOC president Pedro Aquino, who was transferred to the PNOC-EDC.
After the PNOC-EDC, next in line is the privatization of the PNOC Exploration Corporation (PNOC-EC), the company's oil and gas subsidiary.
Prior to his appointment at the PNOC-EDC, Cailao was Asia region head for corporate banking clients in the 12 Asian countries of the Citigroup where he was assigned to oversee the operations in Hong Kong, Korea, Singapore, Vietnam and Latin America.
Apart from ensuring the smooth privatization of PNOC-EDC and PNOC-EC, Cailao will also oversee the development of the company's renewable energy projects such as hydropower, wind, jatropha, bio-fuel, and waste-to-energy projects.
It was during his student days that he founded Aiesec Philippines, an international student exchange program in the area of finance and business that has benefited thousands of Filipinos and participated in by top universities in the country.
He was also awarded as one of the Ten Most Outstanding Alumnus of the University of the Philippines (UP) College of Business Administration in 2001. (MSN/Sunnex)
