Table
1.3.a
PHILIPPINE
NATIONAL OIL COMPANY
CORPORATE
OBJECTIVES AND PRIORITIES FOR FY 2003
1.
To
enhance the country’s energy self-sufficiency by undertaking the exploration,
development and utilization of energy resources, both oil and non-oil based
with due regard for the environment;
2.
To
provide and maintain a stable supply of coal, oil and petroleum products for
domestic requirements by engaging in their production and refining,
transportation, importation, marketing and distribution;
3.
To
contribute to the country’s economic growth by fostering activities relating to
oil and petroleum and other energy operations;
4.
To
manage, operate and develop a parcel of land consisting of approximately 530
hectares in Limay and Mariveles in Bataan as a petrochemical industrial zone;
and
5.
To
maintain and strengthen the company’s financial health and operating
efficiency.
1.
To
pursue joint venture with Perusahan Pertambangan Minyak Dan Gas Bumi Negara
(PERTAMINA) for the development of the Donggi Complex-Matindok Block in Central
Sulawesi in Indonesia to supply the country’s demand for gas;
2.
To
continue to provide financial assistance to subsidiaries through equity
infusion, relent loans and inter-company advances for their projects and
activities, namely:
a)
Oil
and gas exploration and development activities;
b)
Participation
in the Malampaya Deepwater Gas-to-Power Project and Oil-Rim Development
Project;
c)
Study
and evaluation on the feasibility for the construction of the South Luzon Gas
Pipeline for the use of power plants and industries;
d)
Bataan
Naptha Cracker (BNC) Project;
e)
Site
development and construction of infrastructures and facilities in the
petrochemical complex;
f)
Coal
exploration, development and production;
g)
New
and renewable energy sources (NRES); and
h)
Coal
exploration, development and production
3.
To
continue the improvement of operational efficiency through the use of
information technology