SORSOGON City- Two senators are vehemently opposed to the majority privatization of the state-owned PNOC-Energy Development Corporation (PNOC-EDC) leaving the company no option but to go for minority privatization.

        PNOC-EDC President and Chief Executive Officer Paul Aquino said the company needs additional funds to pay for its indebtedness that’s why they were working on the privatization with urgency.

        “Big debts have to be paid in 2006, 2009 and 2010, so we have to privatize to be able to raise money,” Aquino said.

        The company is eyeing to raise at least P8 billion with the sale of thirty per cent of the company through initial public offering or IPO, he said.

        Aquino said PNOC-EDC must be able to generate sufficient funds through privatization so it would no longer go to the government for guarantees.

        The company is pursuing new exploration projects in the country that include the 40 MW Rangas geothermal project, 40 MW Cayabon geothermal project and the 40 MW Tanawon geothermal project which are all located here.

        The company president said they were also waiting the decision of the privatization council which had not set a final time table for EDC’s privatization yet.

        Aquino was the main speaker at the graduation rites of the annual energy camp here which was part of the company’s corporate social responsibility.

        The summer camp was participated by the company’s academic scholars and employees’ children. Bobby Labalan