DOE urges small oil players to follow example of big three

MANILA, Philippines - The Department of Energy (DOE) has urged small oil players to undergo a similar third party audit like their bigger counter parts.

DOE director Zenaida Monsada said the independent oil companies, however, have yet to offer to open their books for review.

“The smaller oil players did not offer. But I think this will be discussed with the review committee. They are also required to comply with the reportorial requirements of the DOE,” Monsada said.

Earlier, the Philippine Institute of Petroleum (PIP) called for the creation of a “credible group” that will compose the review team who will look into and audit the books of the oil companies.

The PIP member-companies are Chevron (Philippines) Inc., Liquigaz Philippines Corp., Petron Corp., PTT Philippines Corp., Pilipinas Shell Petroleum Corp. and Total Philippines.

PIP said the review should be able to finally put to rest allegations of overpricing by the oil companies and will also support President Aquino’s call for transparency.

The DOE earlier said it is firming up the composition of a third-party audit committee that would review the books of oil companies.

“Any review, however, should have well-defined objectives, taking into consideration the views and opinions of various sectors with emphasis in promoting the balanced interests of both the consumers and the oil industry,” the PIP said.