Paras named as new PNOC chairman

DUMAGUETE CITY - The President has appointed former Negros Oriental 1st district congressman Jacinto "Jing" Paras as chairman of the government-owned Philippine National Oil Company (PNOC)-Exploration Corporation. The local media was able to obtain an appointment paper signed by Malacañang and another letter sent by President Gloria Macapagal-Arroyo to Energy Secretary Angelo Reyes informing him of Paras's appointment as new PNOC chair. Paras, who serves as chief legal counsel of Arroyo's Kabalikat ng Mamayang Pilipino (Kampi), is also considered one of the party's trusted lieutenants in the province. Paras will be responsible for the management and setting of directions of one of the country's biggest corporations, which has an asset of no less than P15 billion. The assets include the Malampaya Gas and Oil Deposits, in partnership with Shell and Chevron -- two largest oil companies in the United States. Last year, the same exploration company made a net profit of around P4 billion. The former lawmaker is also expected, sources said, to enhance the engagement of more oil exploration in partnership with CNOOC of China, Total of France, and other oil companies in Asia. PNOC is presently engaged in coal production and marketing and it supplies to Napocor and various power plants and cement factories in the country. A close confidante of the former lawmaker said that once Paras formally assumes the post, he will lead in the development of a new business that is to provide buses run by natural gas. - Sun.Star Dumaguete