Power

PNOC head resigns after being asked to leave

Philippine National Oil Company-Exploration Corp. president and CEO Pedro Aquino Jr. has resigned from his post.

Philippine National Oil Company-Exploration Corp. president and CEO Pedro Aquino Jr. has resigned from his post.

” I was asked by the President to submit my resignation effective Monday, Oct.14,” Aquino said in an interview with ABS-CBN News.

There is still no explanation as to why he was fired, only that his resignation took effect immediately.

The ouster comes as President Duterte firmed up a joint oil and gas exploration deal with China.

Earlier reports said Aquino was slapped with a 30-day suspension allegedly due to an investment agreement signed with a Russian firm without the approval of Energy Secretary Alfonso Cusi.

He was an appointee of former president Benigno “Ninoy” Aquino III. He served as president and CEO of PNOC-EC for seven years.

Prior to that, he served as officer-in-charge of PNOC in 2006, and a senior vice president from 1993 to 2008.

Sent from my Samsung Galaxy smartphone.

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