PNOC-Shipping & Transport Corp had been serving the transportation needs of oil firm Petron Corp for the past 30 years.
However, Petron has started to build up its own fleet of tankers and did not renew its contract with PNOC-Shipping & Transport.
“It's losing heavily and there is no reason for it to exist. It was primarily used to service Petron when it was still government-owned," said energy secretary Carlos Jericho L. Petilla, who chairs PNOC.
PNOC said in a notice that its wholly-owned subsidiary PNOC-Shipping & Transport had ceased to operate from 15 March, following a special stockholders' meeting on 7 February.
PNOC-Shipping & Transport had been operating several single-hulled tankers to carry petroleum products.
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