PNOC-Romania Drilling Rig Agreement Release of P35 Million to PNOC
Letter of Instructions No. 358, issued on December 29, 1975, directs the immediate release of P35 million from a special fund to the Philippine National Oil Company (PNOC) for the purchase of an onshore drilling rig and its necessary accessories from a Romanian company. This initiative is part of the government's program to expedite oil exploration in the Philippines. PNOC is required to provide an accounting of all expenditures from this allocated amount to the President. The instruction emphasizes the importance of financing to enhance the country's oil exploration capabilities.
Law Information
- Reference Number
- Letter of Instructions No. 358
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
December 29, 1975
LETTER OF INSTRUCTIONS NO. 358
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The Chairman, Philippine National Oil Company |
Consistent with the Government's program to accelerate oil exploration, the Philippine National Oil Company (PNOC) has concluded an agreement with the Company For Foreign Trade "Industrial Export" of Romania for the purchase of one (1) onshore drilling rig including accessories like drilling tools, hydraulic blowout preventers, tubular materials, rock bits, spare parts, and related equipment and facilities. CAacTH
To finance the acquisition of said rug and its accessories and other costs of importation into the Philippines, it is hereby directed that the amount of P35 Million be released to PNOC immediately out of the special fund created pursuant of Section 7(j) of Republic Act No. 6173, as amended.
The Philippine National Oil Company shall submit to the, President an accounting for all disbursements from the foregoing amount.
DONE in the City of Manila, this 29th day of December, in the year of Our Lord, Nineteen Hundred and Seventy-Five.
Cite This Law
PNOC-Romania Drilling Rig Agreement Release of P35 Million to PNOC, Letter of Instructions No. 358, Dec 29, 1975 (Philippines)
PNOC-Romania Drilling Rig Agreement Release of P35 Million to PNOC, Letter of Instructions No. 358 (Phil. 1975)
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