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Petron execs check out Marianas
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Posted on Apr 07 2006
Gov. Benigno R. Fitial held exploratory talks yesterday with executives of a large oil company from the Philippines, in the hopes of securing lower priced fuel for the Commonwealth.
Fitial met with Petron chairman Nicasio Alcantara, Petron president Khalid Al-Faddagh, and Petron officer in charge of supply and operations Felimon Antiporda.
Press secretary Charles P. Reyes Jr. said the governor gave the Petron executives an overview of the CNMI economy, the advantages of investing in the islands, and the fuel needs of the Commonwealth Utilities Corp.
For its part, Petron provided the governor and other CNMI officials with information with regard to the company. Petron is 40-percent owned by the Philippine government, 40-percent owned by the Saudi Aramco, and 20-percent owned by stockholders.
According to Reyes, the governor’s talks with Petron is currently one of the significant developments in the administration’s attempts to get power production fuel at lower prices.
The parties also discussed the possibility of Petron supplying aviation fuel to airlines operating out of the Northern Marianas.
“There is no commitment yet. Everything is exploratory at this point. But we are optimistic [that the talks will bear fruit]. They [Petron officials] seem to like Saipan,” he said.
Currently, Mobil Oil Marianas supplies fuel to the power plants and the airlines. Most of the service stations in the islands also sell Mobil products.
CUC’s fuel purchases from Mobil amounts to some $60 million a year.
