THE EARLY YEARS
The year was 1975. The need to ensure a stable and sufficient supply of petroleum products in the country was cropping up, thus the Presidential Decree 334 was enacted to form the Phillipine National Oil Company (PNOC). Amongst PNOC’s early action plan was to embark on domestic tanker operations upon the acquisition of Luzon Stevedoring Corporation (LuSteveCo), then the nation’s biggest inter-island product transporter.With over 33 tankers,122 tugboats, and 50 bargers, the PNOC responsibly managed and served about 80% of the country’s petroleum marine transport requirement as well as bulk cargoes, tug services and salvage operations.
LAYING THE GROUNDWORK
Recognizing the necessity to shift the gears towards a more efficient system, PNOC decided to streamline its operations and sold LuSteveCo and its affiliated companies (Transcon, Ideco, Vistranco, Consolidated Terminals, Inc., Sta Mesa Slipways and Cebu Stevedoring Corporation) to private firms; keeping only those facilities that are directly-related with petroleum transport.By virtue of Presidential Decree 927, PNOC established the PNOC Shipping and Transport Corporation.
Presidential Decree (PD) 334 creates the Phillipines National Oil Company (PNOC)
To end the country’s dependence on foreign-owned shipping for crude oil deliveries, 3 Tanker Companies, namely the PNOC Tankers, Petron Tankers and Petrophil Tankers are created with the acquisition of M.T Diego Silang,M/T Sultan Kudarat, and M/T Raha Sulayman.
PNOC acquires 70% of Luzon Stevedoring Corporation (LUSTEVECO) to rationalize the movement of oil and oil products throughout the country.
The Tanker and Bulk Oil Departments, Mabini Supply Base and the Batangas Ship Repair and Maintenance Facilities of the former LUSTEVECO is converted into PNOC Marine Corporation (PMC) and PNOC Shipping and Transport Corporation PSTC was incorporated on December 27, 1978.
PNOC Petroleum Tanker, Inc, and PNOC Oil Carriers, Inc. are created to manage M/T Raha Sikatuna and M/T Andres Bonifacio.
PNOC Crude Oil Tankers, Inc, and PNOC Petroleum Carriers Corporation are created with the acquisition of M/T Gregorio del Pilar and M/T Emilio Aguinaldo.
Paterno sets stage for decentralization and reiterates government’s seriousness in pursuing privatization of PNOC subsidiaries.
Public Bidding for the 4 vessels of the International Tankers Division (ITD) is completed; PNOC Board approves the sale to the two highest bidders. The bidding for the sale of PSTC’s fleet result in a failure due to lack of competitive bids.
Second attempt to privatize PSTC resulted in another failed bidding after the negotiation between Petron and the winning bidder failed.
PGMA appointed Gen. Thelmo Y. Cunanan (concurrent PNOC President) and Gen. Cesar F. Tapia as Chairman and President/CEO of PSTC , respectively.
The PNOC Board approved the Fleet Modernization and Re-fleeting program of PSTC.
PSTC acquired the nine-year old M/T General Antonio Luna to serve the long-term contract with Petron Corporation.
PSTC inaugurated the country’s youngest tanker, the M/T Jose Rizal. Petron awarded it 7 years contract.
PGMA appointed Felix C. Guazon and former Congressman of Bacolod Manuel H. Puey as Chairman and President/CEO of PSTC, respectively.
PNOC Board approved the acquisition of 2 double hull tankers and the deferment of PSTC’s privatization until the value of company is enhanced.
PSTC declared and paid P36.0Million cash dividend to PNOC and National Government.
PSTC declared and paid P36.5 Million cash dividend to PNOC and National Government.
Acquired 2 double-hulled tankers M/Ts PNOC Lapu-Lapu and PNOC Emilio Jacinto which were awarded 10-year Time Charter by Petron Corporation.
PSTC celebrates 30 years of service to the Nation
PSTC and PNOC Boards approved the sale of single-hulled tankers M/T Dr. Jose Rizal and M/T Gen. Antonio Luna.
Pres. Benigno C. Aquino appointed Atty. Democrito Barcenas as Director and Architect Enrique S. Manalang as President / CEO of PSTC.