State-run Philippine National Oil Co wants the Malampaya Consortium to pay the government the cost of the banked gas.
“As the secretary was saying, whoever are the members of the consortium, that’s a commitment of the consortium, whether or not extended, they should bring it back to the government, if not in natural gas form, in cash form, in monetary form, or a combination of both,” PNOC president Jesus Posadas said in a Senate hearing.
PNOC earlier announced it sold its remaining uncontracted banked gas through a gas sale and purchase agreement with South Premiere Power Corp., a unit of San Miguel Corp.
SPPC signed a gas supply agreement with PNOC in June for 70.26 petajoules of banked gas at a daily dispatch volume which is sufficient to run the Ilijan power plant at 45 percent to 75 percent plant factor.
