The one-month suspension was meted out after the company board established that a memorandum of agreement had been sealed with the Russian firm without its CEO seeking the board permission or a go-signal from Energy Secretary Alfonso G. Cusi.
Aquino was not in the Senate budget hearing of the Department of Energy Thursday, a proceeding that should have also tackled the budget of PNOC) and its subsidiaries, including PNOC-EC. Aquino was reportedly suspended for signing a trilateral agreement with Rosneft and Pionaire Finance Limited without first securing the approval of the board.
If the investment tie-up is finalized, the scale of investments could reportedly go as high as 10 billion euros.
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