The MRC Allied Inc. has partnered with a Chinese firm to explore investment opportunities in the liquefied natural gas (LNG) sector in the Philippines.
LThe company disclosed that it signed a memorandum of understanding (MOU) with the China Energy Engineering Corp. Limited (CEEC) in Beijing that is engaged in exploration, development, and construction of energy projects.
The two parties will have discussions to explore the possibility of investing, developing, constructing and operating LNG projects in the country.
“The potential partnership with China Energy is in line with the current thrust of management to diversify into the clean and renewable energy portfolio. This is likewise part of our aggressive effort to develop at least 1,000 megawatts (MW) of clean and renewable power in the next five years,” MRC president and CEO Gladys Nalda said.
“Management plans to create a subsidiary that will focus on the development, construction and operation of all its LNG projects,” she added
Under its new leadership, MRC Allied said that its shifting its focus to pursue clean power investments. The company is originally listed as a real estate company with a diverse portfolio in property and mining.
The company has a capacity target of 1,000 MW of clean energy developments by 2022.
The MOU with China Energy is the first to invest in LNG.
MRC had MOUs with other firms like Uni Solar Inc. and XRC Mall Developer Inc. to look in developments of solar rooftop projects
The firm is also exploring various renewable energy and other clean power developments with China Energy Engineering Group Guangdong Power Engineering Co. LTD (GPEC) and Merge Energy and Energy and Environment Corp. (MEEC).
It has also acquireda 15 percnet stake in Sulu Electric Power and Light Philippines Inc. (Sepalco) following its “buy and build” strategy to become a major RE player in the country.