Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries
Letter of Instructions No. 400, dated April 30, 1976, mandates the Philippine National Oil Company (PNOC) to enhance its crude transport capabilities by negotiating contracts for crude tankers and transport services. PNOC is instructed to take into account traditional freight rates, market stability, and other relevant factors when establishing terms with oil companies. Additionally, the Central Bank requires a certification from PNOC confirming the lack of necessary transport capabilities before processing foreign exchange payments for crude freight. The directive is aimed at reducing foreign exchange expenditure while bolstering national oil transport capabilities.
Quick Answers
- What is Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries about?
- Letter of Instructions No. 400, dated April 30, 1976, mandates the Philippine National Oil Company (PNOC) to enhance its crude transport capabilities by negotiating contracts for crude tankers and transport services. PNOC is instructed to take into account traditional freight rates, market stability, and other relevant factors when establishing terms with oil companies. Additionally, the Central Bank requires a certification from PNOC confirming the lack of necessary transport capabilities before processing foreign exchange payments for crude freight. The directive is aimed at reducing foreign exchange expenditure while bolstering national oil transport capabilities.
- What type of law is Letter of Instructions No. 400?
- Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries (Letter of Instructions No. 400) is a Philippine Presidential Issuances enacted by the Congress of the Philippines.
- When was Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries enacted?
- Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries (Letter of Instructions No. 400) was enacted on Apr 30, 1976.
- What is the citation for Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries?
- Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries, Letter of Instructions No. 400, Apr 30, 1976 (Philippines)
Law Information
- Reference Number
- Letter of Instructions No. 400
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 30, 1976
LETTER OF INSTRUCTIONS NO. 400
| TO | : | The Governor, Central Bank of the Philippines |
| The Chairman, Philippine National Oil Company | ||
| The Chairman, Oil Industry Commission |
In line with Government's program to prevent unnecessary expenditures of foreign exchange and at the same time serve the national objective to increase and develop the Government's crude transport capabilities, it is hereby directed that:
1. The Philippine National Oil Company (PNOC) and/or its affiliates and subsidiaries increase their crude tonnage capability by negotiating and executing appropriate charters and/or hire contracts covering crude tankers suitable for the requirements of oil companies operating in the Philippines, and to negotiate and execute appropriate contracts of affreightment and/or sub-charters with the oil companies as to the transport of the latter's crude requirements to the Philippines. PNOC shall consider the following in negotiating the freight rate and other terms and conditions in its contracts with the oil companies: (a) the freight rate and other terms and conditions at which the oil companies operating in the Philippines have traditionally imported their crude requirements into the Philippines; (b) stability and adequacy of crude transport availability in the international market for Philippine crude requirements; (c) other factors and circumstances as PNOC shall consider material and relevant. aisa dc
2. The Central Bank require as a condition for the remittance of foreign exchange payment of freight for crude hereafter imported into the Philippines a certification from the Philippine National Oil Company that it and/or its affiliates and subsidiaries did not have the appropriate and/or required tonnage capability, whether owned, chartered or hired, to transport the crude for which freight payment remittances is requested.
This Letter of Instruction is for immediate implementation.
DONE in the City of Manila, this 30th day of April, in the year of Our Lord, Nineteen Hundred and Seventy-Six.
Cite This Law
Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries, Letter of Instructions No. 400, Apr 30, 1976 (Philippines)
Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and Subsidiaries, Letter of Instructions No. 400 (Phil. 1976)
Related Laws
- Purchase of Tankers by the PNOC and Its SubsidiariesLetter of Instructions No. 239 • Jan 11, 1975 • Presidential Issuances
- Release of Additional Funds to PNOC To Cover the Estimated Costs Differential in Its Crude ImportationsLetter of Instructions No. 240 • Jan 11, 1975 • Presidential Issuances
- Release of Funds for PNOC Construction of Two Additional Crude Storage TanksLetter of Instructions No. 994 • Feb 20, 1980 • Presidential Issuances
- Task of DOE to Pursue Immediate Exploration, Development and Production of Crude Oil from the Camago-Malampaya ReservoirExecutive Order No. 473 • Nov 29, 2005 • Presidential Issuances
- Submission by the PNOC of a Statement of Actual Cost Differential Incurred in Importing Crude OilLetter of Instructions No. 187 • May 21, 1974 • Presidential Issuances
- Release of Additional Amount to PNOC To Cover the Balance of Its Estimated Cost DifferentialLetter of Instructions No. 224 • Nov 7, 1974 • Presidential Issuances
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