Release of P132 Million to PNOC for Its Kuwait Crude Oil Importations
On May 22, 1974, a Letter of Instructions No. 187-A was issued to release P132 million to the Philippine National Oil Company (PNOC) to cover the cost of importing 5.4 million barrels of crude oil from Kuwait, priced at $11.545 per barrel. This action was taken as an emergency measure during a fuel crisis to ensure the economy had access to necessary fuel supplies. The PNOC is required to submit a report by the end of the year detailing the disbursement and use of the released funds. The directive took effect immediately.
Law Information
- Reference Number
- Letter of Instructions No. 187-A
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 22, 1974
LETTER OF INSTRUCTIONS NO. 187-A
RELEASE OF P132 MILLION TO THE PHILIPPINE NATIONAL OIL COMPANY FOR ITS KUWAIT CRUDE OIL IMPORTATIONS
| TO | : | The Commissioner of the Budget |
| The Treasurer of the Philippines | ||
| The President, Philippine National Oil Company |
In order to allow the Philippine National Oil Company to recover the cost differential involved in importing 5.4 million barrels of crude oil from Kuwait at $11.545 per barrel pursuant to the contract dated February 27, 1974 which was undertaken as an emergency measure during the recent fuel crisis to supply the economy with badly needed fuel, it is hereby directed that the first P132 million paid to the Special Fund created under Section 7(j) of Republic Act No. 6173, as amended, be released to said company. cd i
The Philippine National Oil Company is also hereby directed to submit to me on or before the end of the year a report accounting for the disbursement and use of the amounts released to it.
This Letter of Instruction shall take effect immediately.
DONE in the City of Manila, this 22nd day of May, in the year of Our Lord, Nineteen Hundred and Seventy-Four.
Cite This Law
Release of P132 Million to PNOC for Its Kuwait Crude Oil Importations, Letter of Instructions No. 187-A, May 22, 1974 (Philippines)
Release of P132 Million to PNOC for Its Kuwait Crude Oil Importations, Letter of Instructions No. 187-A (Phil. 1974)
Related Laws
- 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 Additional Amount to PNOC To Cover the Balance of Its Estimated Cost DifferentialLetter of Instructions No. 224 • Nov 7, 1974 • 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 to PNOC of Funds for Spot Purchase of Diesel Oil and Naphta from KuwaitLetter of Instructions No. 848 • Apr 18, 1979 • Presidential Issuances
- Release of Funds for PNOC Construction of Two Additional Crude Storage TanksLetter of Instructions No. 994 • Feb 20, 1980 • Presidential Issuances
- Increasing Crude Tonnage Capability of PNOC and/or Its Affiliates and SubsidiariesLetter of Instructions No. 400 • Apr 30, 1976 • Presidential Issuances
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