MANILA, Philippines - State-owned Philippine National Oil Co. (PNOC) is bidding out two of the shipping vessels of its subsidiary, PNOC-Shipping Corp., to raise over P200 million.
In an invitation to bid, the shipping unit invited interested bidders for its petroleum product tankers: M/T Dr. Jose Rizal and M/T Gen. Antonio Luna with floor price of P113.2 million and P87.1 million, respectively.
Both are steel single-hull vessels with length of 91.03meters built in 2003 and 80.16 meters built in 1994, respectively. They are currently docked at the Limay port in Bataan province available for inspection from Nov 11 to 26, also the period when the bid documents are available to interested bidders, according to PNOC.
A pre-bidding conference will be held on Nov. 22. Bid proper is scheduled on Nov. 29, 2pm.
PNOC had been eyeing to sell its shipping subsidiary since 2006. Another privatization scheme that was looked into was the direct sale of the assets, with tankers as potential targets.
PNOC-Shipping Corp--which is engaged in shipping, tankering, lighterage, barging, towing, transport, and shipment of goods, chattels, petroleum and other products--maintains more than 4 tankers, 3 of which are owned and one chartered-in tanker with capacities from 23,000 to 30,000 barrels.
One of PSTC's clients is Petron Corp., the country's largest oil refiner that used to used to be a subsidiary of PNOC before the sale to diversifying giant San Miguel Corp and British investment firm Ashmore.
Aside from 2 vessels to be auctioned off, the other ships of PSTC are: M/T Andres Bonifacio, M/T General Miguel Malvar, and M/T Graciano Lopez Jaena
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