Phoenix Shareholders Okay Cnooc LNG JV

Manila-listed Phoenix Petroleum has received shareholders’ approval for its LNG joint venture with China’s Cnooc, it said March 18.

Tanglawan Philippine LNG, a joint venture between Phoenix and Cnooc, plans to start work on the 2.2mn mt/yr terminal this year, with commercial operations targeted to start by 2023. The new venture also aims to develop a gas-fired power generation facility with up to 2,000 MW installed capacity.

The proposed joint venture with Cnooc was approved by the Phoenix board on January 31, 2019.

Earlier this month, Phoenix and Cnooc signed a memorandum of understanding with Philippine National Oil Co. (PNOC) to allow PNOC to be part of the LNG project being developed by Tanglawan Philippine LNG.