Department of Trade and Industry (DTI) Secretary Fred Pascual witnesses the signing of the Memorandum of Understanding between Chevron Philippines, Inc. and Batangas Land Company, Inc. at the Grand Hyatt, Bonifacio Global City.
In his message, Secretary Pascual said, "We are delighted to know that Chevron Philippines, Inc. intends to renew its lease of Batangas Land Company Inc.'s assets. The Memorandum of Understanding between Chevron Philippines, Inc. and Batangas Land Company Inc. is further a stride forward in the country's efforts to nurture government and private sector collaboration."
Since 1917, Chevron has represented America's continued partnership with the Philippines.
Batangas Land Co. Inc. (BLCI) is a joint venture with Chevron and the Philippine government's official investment arm, the National Development Company (NDC), which owns 60% of BLCI.
BLCI owns the San Pascual, Batangas property where Chevron's largest terminal in the country is located (the former Caltex refinery).
The MOU to renew the lease (approaching 75 years on 2025) for another 25 years is seen as a reinforcement of the US-Philippine partnership, and gains even more significance with the recent visit of Philippine President Marcos to the US, further strengthening relations between the countries.
Also present during the signing were NDC GM Anton Mauricio, Chevron GM Billy Liu, and BLCI Pres. Lilia Arce. Other distinguished guests included DOE Secretary Rafael Lotilla, GCC Justice Rogelio Quevedo
Batangas Governor Hermilando Mandanas, and US Ambassador Mary Kaye L. Clarkson.
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