Philippines Okays Phoenix, Cnooc JV's Terminal Project
Tanglawan Philippines LNG has been granted an approval by Philippines department of energy to build country’s first LNG import terminal.
The company plans to start work on the 2.2mn mt/yr terminal this year, with commercial operations targeted to start by 2023, Manila-listed Phoenix Petroleum said January 11 in a stock exchange filing.
Tanglawan Philippines LNG is a joint venture between China’s Cnooc Gas & Power and Phoenix Petroleum.
“The LNG facility will help support the demand for a clean, low-cost, and environment friendly energy source in Luzon and contribute to the sustainable development of the Philippine economy,” Phoenix said.
The integrated long-term project plan also aims to develop a gas-fired power generation facility with up to 2 GW installed capacity, Phoenix added.
The southeast Asian country has been encouraging global investors to build LNG infrastructure as it needs to keep gas-fired generating assets viable – and attract new investments – after Malampaya, the country’s only commercial gas field, runs out in the next five or six years.