Phoenix Petroleum Philippines Inc. signed a memorandum of understanding with CNOOC Gas and Power Group Co. Ltd for the development of a liquefied natural gas facility in Batangas province.
Department of Energy Secretary Alfonso Cusi acted as a witness between the signing of 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, stated in a disclosure.
Under the MoU, the three firms are allowed to explore and discuss potential business ventures, as well as cooperate with the equity investment in Tanglawan Philippines LNG Inc. and other firms involved in the project.
“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 was quoted in a Manila Times report.
“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.
Joint venture of Phoenix Petroleum and CNOOC G&P, as well as a subsidiary of the China National Offshore Oil Corp. (CNOOC) Tanglawan is seen to start the first stage of break ground this year, with a receiving terminal that can hold 2.2 million tons yearly.
The two firms will also develop a 2,000 MW gas-fired power plant.
Tanglawan is starting to start its LNG hub’s commercial operations by 2023, Phoenix Petroleum said.
The facility is said to provide a clean, competitive, and environment-friendly energy source in Luzon, while providing an energy security for the country.
