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PNOC to focus on renewable energy

Following its exit from oil refiner and retailer Petron Corp., the state-run Philippine National Oil Co. (PNOC) is keen on rolling out more renewable energy projects, company president Antonio Cailao said. He said PNOC would keep its mandate of ensuring a stable supply of oil for the country by being active in the upstream business and in the refining and marketing sector. PNOC was restricted from establishing its own oil company by a non-compete clause to the shareholders’ purchase agreement with Aramco Overseas Co., a restriction that was lifted when Aramcoโ€™s share was sold to U.K.-based investment group Ashmore. (December 27, 2008)