Release to PNOC of Funds for Spot Purchase of Diesel Oil and Naphta from Kuwait
Letter of Instructions No. 848, issued on April 18, 1979, directs the Philippine National Oil Company (PNOC) to purchase 300,000 barrels of diesel oil and 150,000 barrels of naphtha from Kuwait to address temporary supply issues. The PNOC is authorized to incur an additional cost of P28 million for this transaction, which will be funded from a special fund established under Republic Act No. 6173. The Treasurer of the Philippines is instructed to release these funds, and the PNOC must report back to the President on their expenditure and utilization. This directive is effective immediately.
Law Information
- Reference Number
- Letter of Instructions No. 848
- Date Enacted
- Category
- Presidential Issuances
- Subcategory
- Letters of Instructions
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
April 18, 1979
LETTER OF INSTRUCTIONS NO. 848
| TO | : | The Minister of Energy |
| The Commissioner of the Budget | ||
| The Treasurer of the Philippines | ||
| The Chairman of the Philippine National Oil Co. |
To alleviate the temporary aberrations in the petroleum product supply situation, the Philippine National Oil Co. (PNOC) has negotiated the spot purchase from Kuwait of some 300,000 barrels of diesel oil and 150,000 barrels of naphtha. The foregoing products will be purchased at spot market prices and it is expected that the PNOC would incur costs estimated at P28 million over and above normal importation costs exclusive of the duty free importation savings in the case of naphtha.
In view thereof, the Treasurer of the Philippines is hereby directed to release for the purpose P28 million out of the special fund created pursuant to Section 8(j) of Republic Act No. 6173 as amended, to the PNOC.
The PNOC shall submit a report to the President accounting for the disbursement and utilization of the foregoing funds.
This Letter of Instructions shall take effect immediately.
DONE in the City of Manila, this 18th day of April, in the year of Our Lord, Nineteen Hundred and Seventy-Nine.
Cite This Law
Release to PNOC of Funds for Spot Purchase of Diesel Oil and Naphta from Kuwait, Letter of Instructions No. 848, Apr 18, 1979 (Philippines)
Release to PNOC of Funds for Spot Purchase of Diesel Oil and Naphta from Kuwait, Letter of Instructions No. 848 (Phil. 1979)
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- Release of Funds to PNOC for Purchase and Construction of Self-Propelled BargesLetter of Instructions No. 361 • Jan 9, 1976 • Presidential Issuances
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- Release of Additional Funds to PNOC for Purchase of TankersLetter of Instructions No. 254 • Feb 20, 1975 • Presidential Issuances
- Release of Funds To Finance the Coco-Diesel/Fuel Oil ProgramLetter of Instructions No. 1167 • Oct 2, 1981 • 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 of Additional Funds to PNOC To Cover the Estimated Costs Differential in Its Crude ImportationsLetter of Instructions No. 240 • Jan 11, 1975 • Presidential Issuances
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