PNOC seeks redevelopment

MANILA, Philippines — State-owned Philippine National Oil Co. (PNOC) intends to redevelop a portion of its property in Taguig City into a mixed-use office and commercial building.

PNOC said it plans to solicit proposals for the long-term lease and redevelopment of a portion of its land holdings at the Energy Center in Bonifacio Global City.

“The redevelopment is for a mixed-use office and commercial building that will cater to government agencies, instrumentalities, and corporations engaged in energy development, and other private companies and individuals,” PNOC said.

According to PNOC, the selection of the private sector developer will be done through public bidding under applicable public-private partnership laws and regulations.

In line with the plan, PNOC is inviting real estate developers and operators to a consultative meeting on Jan. 17 as part of its market-sounding activities and formulation of the terms of reference for the selection of a private-sector developer.

Previous PNOC management had expressed plans to redevelop its real estate assets including the 5.3-hectare BGC property to transform idle lands into energy centers.

In July last year, PNOC adopted a new vision, which is to be recognized as a strategic niche player in the Philippine energy industry by 2028.

Its new mission is to complement the efforts of the private sector in developing energy sources and in broadening the adoption of renewable energy technologies in the most cost effective manner.

For this year, PNOC is looking to pursue six “high impact” initiatives, two of which pertain to its existing properties, while the other four are for new projects that it intends to embark on.

These initiatives include the Batangas offshore wind power integration port, Bataan LNG terminal, hybridization of off-grid areas, rooftop solar PV system for government entities, electric vehicle charging stations, and small scale natural gas for power generation.