President to promote RP's energy independence program in Davos meetings

ZURICH, Switzerland (via PLDT)—In a move to advance the country's energy independence program, President Gloria Macapagal-Arroyo will meet with the officials of the Aragon Financial Group (AFG) Wednesday afternoon in Davos, her first activity in the ski resort city after arriving Tuesday night at the Zurich International Airport from Manila.

The President is scheduled to meet with the Aragon Group executives at 5:15 p.m. Wednesday (Swiss time, 12:15 a.m. Thursday in Manila) at the Casa Bracke in Klosters, Davos.

The financial group is assisting oil and natural gas companies that need funding from financial partners such as private investors, venture capital, equity and institutional and banking sources.

The AFG has available funding for natural gas projects in the United States and is currently looking for clients with existing operations that require funding through build-operate-transfer (BOT) scheme, debt finance, equity refinance and even merger.

The financial group could help the government in its policy to ensure continuous and adequate supply of energy through integrated and intensive exploration, production, management and development of the country's indigenous energy resources such as oil and natural gas.

The natural gas industry in the Philippines began with the operation of the Malampaya gas-to-power project in offshore Palawan that now has three gas-fired power plants with a capacity of some 2,760 megawatts.

However, this output is insufficient to advance the government's program to utilize natural gas for cheaper public transport operation costs.

Also, the country still needs to explore and develop more energy sources to lessen its dependence on imported and expensive fossil fuel.

Under Executive Order No. 473 that was signed by the President in November 2005, the Department of Energy (DOE) has been tasked to pursue the immediate exploration, development and production of crude oil from the Camago-Malampaya reservoir.

Under E.O. 473, the Philippine National Oil Company (PNOC) that manages the Malampaya operations, or its designated subsidiary, was likewise directed to engage the participation of third parties, if necessary, in the exploration, development and production of crude oil in the country.

After her meeting with the Aragon Group officials, the President will also entertain a courtesy call of the executives of the Dredging International NV, a Dutch-based company that has more than 100 years of experience in river dredging, building ports and reclamation projects in Europe, South America, Australia, Singapore and Africa.

Under Executive Order No. 380 signed by the President in October 2004, reclamation has been identified as one of the primary sources of government revenue generation under the Medium Term Philippine Development Program (MTPDP) from 2004 to 2010. -DOLE News

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