Letter of Instructions No. 240 Release of Additional Funds to PNOC To Cover the Estimated Costs Differential in Its Crude Importations

January 11, 1975

LETTER OF INSTRUCTIONS NO. 240

TO	:	The Commissioner of the Budget
		The Treasurer of the Philippines
		The President, Philippine National Oil Company

The Philippine National Oil Company (PNOC) is continuing to import crude oil from Kuwait to assure the country of adequate fuel supplies. To enable PNOC to recover the cost differential involved in its crude importations, it is hereby directed that an additional sixteen million one hundred thousand pesos (P16,100,000) from the Special Fund created under Section 7(j) of Republic Act No. 6173, as amended, be released to said company to cover the estimated cost differential for the first quarter of 1975. casia

The Philippine National Oil Company is also hereby directed to submit to me on or before the end of the second quarter of 1975 a report accounting for the disbursement and use of the amounts released to it.

This Letter of Instruction shall take effect immediately. acd

DONE in the City of Manila, this 11th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Five.