By Genivi Factao

PNOC Shipping and Transport Corp. (PSTC) have disposed its shares in Keppel Philippines Marine Inc. (KPMI) as it focuses on its transport of petroleum oil products business.

PSTC is a wholly owned subsidiary of the Philippine National Oil Co. (PNOC), mandated to maintain an adequate and stable supply of oil in the country.

"The disposal of 27.578 million shares at the stock market for the month of December is part of PSTC’s program to concentrate on its core business," the company said.

"As of December 31, 2007, PSTC no longer owns shares in Keppel Philippines Marine," it added.

PSTC is engaged in the business of shipping, tankering, lighterage, barging, towing, transport, and shipment of goods, chattels, petroleum and other products, marine, and maritime commerce in general.

The company is one of Petron Corp.’s reliable transport groups.

At present, the company maintains 4 tankers, wherein 3 of them are owned and one, chartered-in tanker, with capacities from 23,000 to 30,000 barrels.

The company aims to "become the strategic leader in the marine transport of energy resources, through its professional team who provides quality service to its customers."

It has embarked on fleet modernization to ensure competence and has replaced its ageing tankers with younger vessels as well as computerization of business processes.

The shipping company has chartered a vessel named M/T Miguel Malvar from Topever Tankship & Management Corp. in May 2003. PSTC acquired M/T Antonio Luna in July 2003 and M/T Dr. Jose Rizal in 2005. They are all contracted to Petron under consecutive voyage charter party (CVCP) agreement.

The Board of Investment has registered M/Ts Luna and Rizal under EO 226, and was given privileges in the form of income tax holiday (ITH) for 4 to 6 years respectively.

It had disposed off its M/T GL Jaena as scrap in March 2005 while M/T Gomburza was chartered out to Delsan Transport Lines in December 2005 hauling crude oil from Shell’s Matinloc, El Nido and Malampaya offshore wells.

PSTC is being groomed for privatization as early as 1994, when the government plans to hand over all business operations to the private sector.

The company’s mission is to become known as the best provider of quality tankers and allied services through customer-centric business approach and ISO-certified quality systems and procedures.

In order to achieve its goal of providing efficient marine transport services, PSTC has embarked in a program, that is in compliance with ISO 9001:2000 standard.

The company aspires to be the model in the industry and be socially responsible in the community they serve and deliver the optimum returns to its stakeholders, particularly to the government and PNOC.