Release of Funds for PNOC Construction of Two Additional Crude Storage Tanks
Letter of Instructions No. 994, issued on February 20, 1980, mandates the Philippine National Oil Company (PNOC) to enhance the country's energy security by constructing two additional crude storage tanks, each with a capacity of one million barrels. This initiative aims to bolster the crude storage capacity by 21% in response to global oil market uncertainties linked to the Iranian situation and the Afghanistan crisis. The Treasurer of the Philippines is instructed to allocate P120 million from a Special Fund to support this construction. PNOC is required to report back to the President on how these funds are utilized. This directive is effective immediately.
Law Information
- Reference Number
- Letter of Instructions No. 994
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
February 20, 1980
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. aisa dc
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, P120 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 Instruction 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. cd
Cite This Law
Release of Funds for PNOC Construction of Two Additional Crude Storage Tanks, Letter of Instructions No. 994, Feb 20, 1980 (Philippines)
Release of Funds for PNOC Construction of Two Additional Crude Storage Tanks, Letter of Instructions No. 994 (Phil. 1980)
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