PNOC Exploration Corp. (PNOC-EC) plans to buy Euro 4 gas oil or diesel fuel from any point of origin of the seller in a move that has seen the state-led company setting a new deadline in its bid to import competitively priced petroleum products.
In its letter of intent posted on its website, the commercial arm of state company Philippine National Oil Co. (PNOC) set the deadline of submission for interested sellers at noon of Sept. 13, 2018.
The new deadline follows pronouncements from the Department of Energy (DoE) that it plans to import the petroleum products by end-June, which it moved to July until the new date set by PNOC-EC. The DoE secretary chairs the PNOC board.
PNOC-EC’s specification for the fuel is a sulfur content of 50 parts per million (PPM), or the standard for Euro 4. It said the port of loading is as designated by the seller, while the port of destination is any safe port in the Philippines that it would designate. Euro 4 is a globally accepted European emissions standard for vehicles.
The company set the quantity at 50,000 metric tons for the trial shipment. Subsequent shipments of up to four shipments per month and up to one year are to be mutually agreed by the seller and the buyer.
The payment term is through letter of credit, while the delivery term is within 15 days after signing of the contract. — Victor V. Saulon

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