Trans-Asia Oil and Energy Development Corp., a unit of the Phinma Group, said it decided to surrender to the Energy Department the entire contract area of a 10-megawatt hydropower project in Buguias, Benguet.
Trans-Asia said in a disclosure to the stock exchange it decided to surrender hydro service contract 2104-06-466 effective Feb. 13.
“It’s not feasible,” Trans-Asia president Francisco Viray said, when asked for comment on the company’s decision.
Viray, however, assured the company would pursue the development of other hydro projects such as the service contracts in Pililia, Rizal (300 MW) and Ilagan, Isabela (10 MW).
All the contracts provide for a two-year pre-development stage in which Trans-Asia will evaluate the commercial feasibility of the projects.
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