Philippines President Rodrigo Duterte has sacked the chief executive of national upstream company Philippine National Oil Company Exploration Corporation (PNOC EC) for drafting what he called an “idiotic” contract with Russia’s Rosneft.
Pedro Aquino has found himself out after he approved a memorandum of understanding with Rosneft to collaborate on businesses including oil trading and refining without approval from PNOC EC’s board or Energy Secretary Alfonso Cusi.
