Big oil firms dare rivals to open books

MAJOR oil players dared their competitors to also open their books for public scrutiny a day after offering their financial records to the government.

Sally Monteiro, Philippine Institute of Petroleum (PIP) executive director, on Monday told a press conference that other oil companies should also heed President Benigno Aquino 3rd’s call for transparency in the industry.

“The PIP enjoins all other oil players to heed President Aquino’s call for openness and transparency by also opening their books,” she said.

PIP members include Chevron (formerly Caltex) Philippines Inc., Liquigaz Philippines Corp., Petron Corp., PTT Philippines Corp., Pilipinas Shell Petroleum Corp. and Total (Philippines) Corp. all of which operate in other countries.

Petron, the only local company among the lot, earlier bought a refinery in Malaysia.

On Sunday, PIP issued a joint statement offering books of its members to the government for the review to ensure that they have not been profiteering from their pump price movements.

Company officials present during the press conference, however, said that their financial records are already being submitted to government regulators for compliance with existing protocols.

“This is nothing new, it has been done before [because] we’ve had studies in 2005 and 2008. It is just a matter of putting this data together for the public to understand,” Roberto Kanapi, Shell vice president for communications, said.

But, independent players, or the local firms that entered the market following its deregulation more than a decade ago, scoffed at the majors’ proposal.

Fernando Martinez, Independent Philippine Petroleum Companies Association chairman, said that their group has long opened its books to the government.

He added that talks of big oil firms leaving the country because of mounting public pressure are a way to hold Filipinos “hostage” to their demands. –Euan Paulo C. Añonuevo, Reporter, Manila Times