PNOC-AFC president Peter Abaya said the Office of Government Corporate Counsel (OGCC) has approved the entry of investors engaged in alternative fuels in its industrial park.
He said the OGCC has construed the construction of refineries of alternative fuels as a petrochemical-related activity.
"Petrochem, as they have defined it, previously includes natural gas," the PNOC-AFC official noted.
He said the OGCC’s approval will open more opportunities for the newly-formed PNOC subsidiary. "This is a new dawn for the park," he said.
PNOC-AFC was created after the PNOC decided to abolish PNOC-Petrochemical Development Corp. (PPDC) which was formed in 1992.
A government-owned and controlled corporation, PNOC-AFC, is re-mandated through a Presidential directive and officially registered with the Securities and Exchange Commission (SEC) on June 13, 2006.
As a wholly-owned subsidiary of state-owned PNOC, PNOC-AFC has a primary mandate to explore, develop and accelerate the utilization and commercialization of existing and emerging alternative sources of energy and technologies and carry on the business of alternative fuels and other related activities.
It is also mandated to engage in and carry the business of petrochemicals in any and/or all its activities.
Abaya earlier said that aside from the present petrochemical processing plants, they also expect three biodiesel refineries as their future locators.
The current locators in the Park include: Philippine Resins Industries Inc., Bataan Polyethylene Corp., and Petrochemicals Corp. of Asia Pacific.
On top of these facilities, he said they also expect the construction of a central biofuels terminal facility, a coal-to-liquids plant and a midstream petrochemical plant to locate in the Bataan-based park.