Phoenix, CNOOC, PNOC sign MOU for LNG project
MANILA, Philippines — Phoenix Petroleum on Friday said it signed a preliminary agreement with state-owned Philippine National Oil Co. (PNOC) and China’s CNOOC Gas and Power Group Co. Ltd. (CNOOC G&P) to “explore and discuss” the liquefied natural gas project in Tanglawan.
In a disclosure to the stock exchange, the Dennis Uy-led company said the memorandum of understanding — which was sealed on February 28 — will “allow the three companies to explore and discuss business opportunities and cooperation in relation to the equity investment in Tanglawan Philippine LNG Inc. and other companies relating to the project.”
“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 continues development of this venture,” Phoenix Petroleum Chief Operating Officer Henry Albert Fadullon said.
Phoenix Petroleum said the LNG hub project is expected to break ground within the year. Commercial operation is targeted to start by 2023.
Last December, Fitch Solutions said outlook for the Philippines’ liquefied natural gas sector is “brightening,” as the country races against time to develop gas reserves and prepare for Malampaya’s inevitable decline. — Ian Nicolas Cigaral
- Latest
- Trending
