PH firms, CNOOC join forces for LNG project
Credit to Author: JORDEENE B. LAGARE| Date: Fri, 01 Mar 2019 17:28:13 +0000
PHOENIX Petroleum Philippines Inc., CNOOC Gas and Power Group Co. Ltd. and state-run Philippine National Oil Co. (PNOC) signed on Friday a memorandum of understanding (MoU) for a planned liquefied natural gas (LNG) facility in Batangas province.
In a disclosure, the listed independent oil company reported that the Phoenix Petroleum President and Chief Executive Officer Dennis Uy, CNOOC G&P Chief Finance Officer and Vice President Wu Zhengxing, and PNOC President and CEO Reuben Lista signed the deal in Energy Secretary Alfonso Cusi’s presence at his department’s office in Taguig City.
The MoU would allow the three firms to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan Philippines LNG Inc. and other companies in relation to the project; PNOC facilities and banked gas; market development; and future energy projects.
“We warmly welcome the potential addition of PNOC in the LNG hub project we have been planning to venture on with CNOOC G&P,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said.
“The LNG hub is a crucial project that will provide long-term solutions for our country’s energy needs, and the strategic alliance among our companies will further secure the continuous development of this venture,” he added.
Tanglawan – the joint venture of Phoenix Petroleum and CNOOC G&P, a subsidiary of the China National Offshore Oil Corp. (CNOOC) – is expected to break ground within this year the facility’s regasification and receiving terminal that is capable of holding 2.2 million tons yearly.
The project also includes developing a gas-fired power plant with an installed capacity of up to 2,000 megawatts.
Phoenix Petroleum had said Tanglawan, which received the notice to proceed on the facility last December, aimed to begin the LNG hub’s commercial operations by 2023.
The facility would help support demand for a clean, competitive and environment-friendly energy source in Luzon, and provide energy security for the country, it added.
Established in Davao City in 2005 and listed on the Philippine Stock Exchange in July 2007, Phoenix Petroleum is into trading and marketing refined oil products, including liquefied petroleum gas and lubricants; operating oil depots and storage facilities; and offering hauling and into-plane services.
Phoenix Petroleum’s shares ended flat at P11.80 on Friday.
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