New Fortress to Develop Philippine LNG Infrastructure
New Fortress Energy (NFE) said on October 15 it had signed a memorandum of understanding with Philippine National Oil Co (Pnoc) on developing infrastructure to supply gas and power in the Philippines.
"The memorandum will enable cleaner, more affordable and more reliable energy for the people of the Philippines," NFE CEO Wes Edens said in a statement.
His counterpart at Pnoc, Reuben Lista, added: "NFE can help us bridge the gaps in the value chain for a robust LNG industry and enable us to take that giant leap towards the realisation of the Philippines’ potential as a strategic LNG hub for the Asia-Pacific region."
The Philippines is looking to establish LNG import infrastructure and expand the share of gas in its energy mix, at the expense of coal. Authorities have been trying to advance a terminal project for years, in readiness for the time when the Malampaya gas field is no longer sufficient. Manila-listed First Gen secured government approval in September to build one in Batangas by 2022.