Letter of Instructions No. 241

 

 

TO       :       The Commissioner of the Budget

The Treasurer of the Philippines

The Chairman, Philippine National Oil Company

 

RELEASE OF P 30 MILLION TO THE PHILIPPINE NATIONAL OIL COMPANY FOR ITS 1975 EXPLORATION PROGRAM


For the purpose of financing the oil exploration program for 1975 of the Philippine National Oil Company consisting, among others, of a regional study of selected sedimentary basins and the drilling of two (2) exploratory wells, it is hereby directed that P 30 million be released out of the Special Fund created pursuant to Section 7 (j) of Republic Act No. 6173, as amended.

 

The Philippine National Oil Company is also hereby directed to submit to me on or before December 31, 1975 a report accounting for the disbursement and use of the amount released to it.

 

This Letter of Instruction shall take effect immediately.

 

Done in the City of Manila, this 11th day of January, in the year of Our Lord, nineteen hundred and seventy-five.

 

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