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NEWS UPDATES 22 September 2009

Chevron Philippines to maximise lease usage

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Followingthe renewal of its lease agreement in Batangas Land Co. Inc. with the National Development Co (NDC), Chevron Philippines Inc are looking at a number of projects to maximise its 25-year lease period in San Pascual, Batangas, Business Mirror reported online.

In an interview, Antonio Nebrida Jr, Chevron corporate communications manager, said the oil company was recently granted another 25-year lease agreement for the use of the 120-hectare property in San Pascual, Batangas for terminal operations.

Nebrida said the renewal of the lease agreement was issued on August 17, but was made retroactive with the deal extension starting from October 1, 2000 up to September 30, 2025.

Nebrida said Chevron is considering either putting up a 300-megawatt (MW) natural gas-fired power plant; expand existing capacity; or develop the area to become a regional hub for crude.

The Chevron executive, however, declined to specify the investment cost requirement, saying that the plan has yet to be finalized. The options, he said, are still being reviewed by Chevron’s regional and domestic offices.


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