Letter of Instructions No. 994

 
 

TO

:

The Minister of Energy

 

 

The Minister of the Budget

 

 

The Treasurer of the Philippines

 

 

The Chairman, Philippine National Oil Company


One of the basic tenets of our energy development program is the establishment of adequate stockpile of energy as a protective measure against possible supply disruptions.

 

The current uncertainties in the world oil markets brought about by the Iranian situation and further aggravated by the crisis evolving in Afghanistan has mandated the acceleration of this program.  In view thereof, the Philippine National Oil Company (PNOC) is hereby directed to immediately start the construction of two additional crude storage tanks of one million barrel capacity each in order to increase our crude storage capacity by another 21%.  To allow PNOC to carry out the foregoing, the Treasurer of the Philippines is hereby directed to release for the purpose, P 120 million out of the Special Fund created under Section 8 (j) of Republic Act No. 6173, as amended, to PNOC.


PNOC shall submit a report to the President accounting for the disbursement and utilization of the foregoing funds.

 

This Letter of Instructions shall take effect immediately.

 

Done in the City of Manila, this 20th day of February, in the year of Our Lord, nineteen hundred and eighty.

 

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