Release of Additional Funds to PNOC To Cover the Estimated Costs Differential in Its Crude Importations
Letter of Instructions No. 240, issued on January 11, 1975, directs the release of P16,100,000 from the Special Fund to the Philippine National Oil Company (PNOC) to cover the cost differential of crude oil imports from Kuwait. This financial support aims to ensure the country’s adequate fuel supply during the first quarter of 1975. PNOC is required to submit a report detailing the disbursement and use of these funds by the end of the second quarter of 1975. The instruction takes effect immediately.
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.