Maibarara Geothermal, Inc. (MGI) operates the Maibarara Geothermal Power Project (MGPP) under a joint venture agreement with Trans-Asia Oil and Energy Development Corporation (Trans-Asia) and PNOC Renewables Corporation (PNOC RC). MGI was formed with a capitalization of PhP 1.125 billion with the following shareholding interests: PetroGreen Energy Corporation (PGEC) – 65%, Trans-Asia – 25%, and PNOC-RC – 10%. PGEC is a wholly-owned subsidiary of publicly-listed PetroEnergy Resources Corporation (PERC). The Maibarara service contract was awarded by the Department of Energy (DOE) in February 2010 following an open and competitive selection process last October 2009.
Trans-Asia is a diversified energy company established by the Philippine Investment Management (PHINMA), Inc. on September 8, 1969 as an oil and gas exploration firm. It was PHINMA’s second major involvement in the field of energy having formed in 1959, Filoil Refinery Corporation (Filoil), the first oil refinery managed and controlled by Filipinos. At the height of the 1973 world oil crisis, the Philippine government acquired Filoil and made it a part of Petrophil Corporation, now Petron Corporation.
Trans-Asia was in the consortium that produced 11 million barrels of oil in the 1980’s in Cadlao field as well as in the discovery and production of the Tara and North Matinloc oil fields in offshore Palawan. At present, it is represented in service contracts covering more than 1.5 million hectares. It has also expanded its interests to power generation, electricity trading, renewable energy and mineral exploration.
Trans-Asia is listed on the Philippine Stock Exchange. As of December 31, 2010, its major stockholders and their respective shareholdings (based on the total outstanding shares) are the following: Philippine Investment Management Consultants, Inc. (35.36%) and Phinma Corporation (27.01%).
PNOC Renewables Corporation
PNOC Renewables Corporation (PNOC RC) is a wholly owned subsidiary of state-owned Philippine National Oil Company (PNOC) established in March 2008. It is the government’s primary vehicle in promoting, developing and implementing new and renewable energy sources in the country. Through renewable energy, the country would be able to reduce its dependence on imported oil, while mitigating climate change.
As a Government Owned and Controlled Corporation (GOCC), PNOC RC shall serve as a catalyst for the Renewable Energy (RE) industry to help realize the goals set by Republic Act 9513, otherwise known as the Renewable Energy Act of 2008.